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Bitcoin Miner Hive Digital to Buy Paraguay Site From Bitfarms for $85M
The acquisition of the site in Yguazú, Paraguay will increase the company's hashrate to 25 EH/s from 6 Eh/s by September.
What to know:
- Hive Digital Technologies agreed to buy a site in Paraguay from fellow bitcoin miner Bitfarms.
- Hive will pay $56 million for the site itself and assume another $29 in obligations.
- The purchase will more than triple Hive's hashrate by September.
Hive Digital Technologies (HIVE) agreed to buy a site in Paraguay from fellow bitcoin miner Bitfarms (BITF) for a total of $85 million including assumed obligations.
The acquisition of the site in Yguazú, Paraguay will more than triple Hive's hashrate to 25 exahash per second (Eh/s) by September, Hive said Tuesday.
STORY CONTINUES BELOW
It will pay a total of $56 million for the site, reimburse $19 million of deposits for power-purchase commitments and another $10 million for "remaining capital obligations," Bitfarms said in a separate statement.
Hive estimated that developing the locate into a 200 MW site to be $400,000 per MW.
HIVE shares, which fell over 10% to $2.78 on Monday amid the DeepSeek-related sell-off in both crypto and equity markets, are trading 4.68% higher at $2.91 in pre-market trading. Bitfarms is 4.29% higher at $1.46.
Read More: Bitcoin Mining Stocks With AI Ambition Battered 20%-30% Lower as Nvidia's Plunge Grips Crypto
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
