Hive Digital Technologies Acquires Site in Paraguay from Bitfarms
Hive Digital Technologies (HIVE) has made a significant move in the cryptocurrency sector by agreeing to purchase a site in Paraguay from fellow bitcoin miner Bitfarms (BITF) for a total consideration of $85 million, which includes assumed obligations. This strategic acquisition, located in Yguazú, Paraguay, is set to enhance Hive’s operations by more than tripling its hashrate to an impressive 25 exahash per second (Eh/s) by September, as stated by Hive on Tuesday.
The financial breakdown of the deal reveals that Hive will pay $56 million for the site itself, while also reimbursing Bitfarms $19 million for deposits related to power-purchase commitments, alongside an additional $10 million for “remaining capital obligations,” according to a separate announcement from Bitfarms. Hive has estimated the development cost of transforming the site into a 200 MW facility to be approximately $400,000 per MW.
In the market, HIVE shares experienced a decline of over 10% on Monday, dropping to $2.78 amid a broader sell-off linked to DeepSeek affecting both crypto and equity markets. However, the situation appears to be improving, as HIVE shares are currently trading 4.68% higher at $2.91 in pre-market trading. Meanwhile, Bitfarms has also seen a positive trend, with its shares rising 4.29% to reach $1.46.
