Canadian cryptocurrency mining firm HIVE Digital has announced plans to establish a 100MW mining center in Paraguay, aiming to double its revenue and expand its hashrate. The Vancouver-based company revealed that the new facility will generate over $100 million in stable U.S. dollar revenue for Paraguay’s government-owned utility company.
In a Monday press release, HIVE’s executive chairman Frank Holmes highlighted that the expansion is expected to add up to 6.5 Exahash per second (EH/s) to the firm’s Bitcoin mining operations, increasing its total global hashrate to 12.1 EH/s.
“This marks a significant milestone in our diversified growth strategy and underscores our commitment to expanding our global presence with data center operations in Canada, Sweden, Iceland, and now Paraguay,” said Frank Holmes.
In addition to this expansion, HIVE Digital has also announced the acquisition of 500 more Bitmain S21 Pro Antminers. HIVE’s COO, Luke Rossy, noted that these new units are crucial for “maintaining our equipment upgrade cadence every month.” The new miners are expected to ship later in July, with the firm anticipating its operational hashrate to rise to 5.6 EH/s once they are fully installed.
Earlier in July, HIVE Digital reported an increase in its crypto holdings to 2,503 BTC, up over 2% from the previous month. The company mined 119 BTC in June, maintaining its performance level from May. Following these announcements, HIVE Digital’s shares surged more than 13% on Nasdaq, reaching $4.15, according to Google Finance data.
