HIVE Digital Technologies Ltd. announced the signing of a binding letter of intent (LOI) to acquire Bitfarms Ltd's Yguazú 200-megawatt (MW) hydro-powered Bitcoin mining facility in Paraguay for $56 million. This acquisition is a significant step to accelerate HIVE's growth and solidify its position as an industry leader.
The acquisition is expected to increase HIVE's global Bitcoin mining capacity from 6 Exahash per second (EH/s) to an anticipated 25 EH/s by September 2025. This transaction will also elevate HIVE's total operational capacity in Paraguay to 300 MW, contributing to a global footprint of 430 MW, including existing facilities in Canada and Sweden.
The Yguazú site will be developed in two phases, with Phase 1 adding approximately 6 EH/s by April 2025 and Phase 2 adding 6.5 EH/s by August 2025. HIVE has already secured ASICs for 15 EH/s and targets a global fleet efficiency of 16.5 joules per terahash. Payment terms include $25 million at closing and $31 million in equal installments over six months, with HIVE also assuming $19 million in PPA deposits and remaining construction costs, financed by existing cash and digital currency reserves.
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