Bitcoin mining company HIVE Digital spends $56 million to acquire a mine in Paraguay from Bitfarms

Odaily reports that Bit mining company HIVE Digital has announced a $56 million transaction to acquire a 200MW Bit mining facility in Itaipu, Paraguay from Canadian mining company Bitfarms. HIVE has signed a binding letter of intent with Bitfarms and expects to expand its Bit mining capacity to 25 EH/s in September, leveraging Paraguay's low-cost renewable hydropower. The $56 million acquisition includes a $25 million upfront payment to be paid in the first quarter, with the remaining $31 million to be paid in six equal installments over the next six months. The acquired mine will be developed in two phases, with the first phase planned for completion by April 1, 2025, of which 80% is already complete. This initial phase includes HIVE covering the remaining costs for electrification, which is expected to add around 6 EH/s of Bit mining capacity and be operational in the second quarter. The second phase, planned for completion by August 31, 2025, will integrate water-cooled Bitmain S21+ ASICs to provide an additional 6.5 EH/s. HIVE estimates the completion cost at $400,000 per MW, funded from existing cash and Bit reserves.