Hive Digital ended the acquisition of the bitfarms facility, which was partially completed in Bitcoin in Yguazú, Paraguay, for $ 56 million.
The deal includes a payment of $ 25 million in payment when closing in the first quarter of 2025, with the remaining $ 31 million paid in six equal monthly installments.
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According to advertisement Hive Made on January 28, the YGUZú facility will be developed in two phases. The first stage, which is already completed by 80 %, is scheduled to be completed by April 1, 2025. Once it is operated in the second quarter, it is expected to add approximately the seconds (EH/S) to the Bitcoin mining capacity in HIVE.
Stage 2, which is expected to be concluded by August 31, 2025, will present a Hydro-Scooled S21+ Asics, adding 6.5 EH/S. Texas -based Crypto MINER estimated the cost of completing the facility at $ 400,000 per megawatts. He also revealed that it will be funded using current cash reserves and BTC Holdings.
As part of the acquisition, HIVE will take 19 million dollars in the pre -existing power purchase agreement (PPA) that BitFarms paid to Paraguayan Utility ande. This corresponds to its goal of expanding its ability to mining Bitcoin to 25 EH/S by September 2025.
As of December 2024, the company has reported a 5.46 EH/s fragment and held 2,805 BTC in its reserves. She also previously requested 15 EH/S from Bitmain and Canaan cooler to support her growth plans.
The strategic transformation of BitFarms
The sale of the Yuguzú facility represents a strategic transformation for BitFarms, which initially planned to develop the site as part of its expansion in 2024 to Latin America. Building delays to the transfer of mining equipment originally to Paraguay to Pennsylvania facility from Maqung Gold Digen as part of the 2024 merger.
CEO Ben Ghaniaon I mentioned The sale revenues will support the 1-Gigawat growth pipeline in the United States, which includes bitcoin mining infrastructure as well as high performance and artificial intelligence.
“We are pleased to announce the sale of our Yguzú website to HIVE and we continue to simplify our operations and restore balance towards North America,” Ghannis said.
BitFarms is still committed to its operations in Latin America, where it has three other facilities with a total capacity of 144 MW and long -term energy agreements.
The last development comes after a proposed combination with Riot Platforms Inc. In 2024, which would have established 15 facilities in several fields, including Paraguay. However, BitFarms eventually rejected the plan, with the two companies ending the acquisition offer.
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