HIVE Digital Technologies has strategically expanded its Bitcoin mining capabilities by acquiring a 200 MW facility in Yguazú, Paraguay from Bitfarms. The acquisition is part of an aggressive growth strategy targeting a 317% increase in global hashrate from 6 EH/s to 25 EH/s by September 2025.
The Paraguay site represents a significant milestone for HIVE, leveraging the country's abundant renewable hydroelectric energy and favorable regulatory environment for cryptocurrency operations. This expansion builds upon the company's existing 100 MW facility in Paraguay and aligns with its sustainability goals.
HIVE's recent performance has been robust, with Bitcoin mining output reaching 1,772 Bitcoin in 2024 and Bitcoin holdings growing 65% year-over-year to 2,805. The company anticipates reaching a 430 MW capacity by Q3 2025 and aims to generate $500 million in annual revenue.
The strategic move comes as the United States leads global Bitcoin mining, contributing over 40% of the global hashrate. HIVE's expansion reflects the increasing competitiveness of Bitcoin mining and the company's ambition to become a significant player in the cryptocurrency infrastructure landscape.
Beyond mining capacity, HIVE is emphasizing operational efficiency, targeting 16.5 joules per terahash and projecting $20 million in revenue per employee, potentially surpassing tech giants like Apple and Nvidia in revenue per employee metrics.
