Bitcoin mining company HIVE Digital shares jump 2% after completing 100 MW facility in Paraguay

Canadian Bitcoin mining company HIVE Digital has completed construction of its main facility in Paraguay, aiming to reach 25 EH/s capacity by fall 2025.

Shares of HIVE Digital rose 2% in pre-market trading on April 21 after the Canadian bitcoin (BTC) mining company announced the completion of Phase 1 of its infrastructure at its 100-megawatt facility in Paraguay. In a press release on Sunday, HIVE Digital noted that its Iguazu facility is now fully connected to the power grid and is equipped to handle 5 exahashes per second of ASIC mining power.

HIVE is currently running at 200 PH/s using its own BUZZ miners and expects to have 8,000 units online by the end of April. The first Bitmain S21+ miners have already started shipping, with more than 20,000 units expected to be shipped by the end of May, according to the press release.

“As of March 31, we have secured deposits for 4.3 EH/s Bitmain S21+ miners, made possible by disciplined treasury management. Our fiscal year has marked a strategic turnaround – no debt, just smart execution. Our expansion from 6.5 EH/s to 11.5 EH/s has been fully funded, and we are moving forward quickly.”

Aydin Kilych, CEO of HIVE Digital

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By the end of Q2, HIVE plans to expand to 5 EH/s in Paraguay and 11.5 EH/s globally. According to HIVE Digital COO Luc Rossi, the company is aiming to reach 25 EH/s by fall 2025, producing more than 12 BTC per day.

With the completion of the construction, HIVE Digital also announced the new appointment of Carlos A. Torres Perez as Operations and Project Manager for Paraguay. HIVE Digital claims that Paraguay has the “talent, energy, and vision” to lead the crypto mining market, and the Canadian mining giant said it “recognizes this.”

Read More: HIVE Digital Shares Rise as Bitcoin Reserves Increase 23% YoY

Source: cryptonews.net