The Vancouver-based company stated in a Monday press release that the new mining site is projected to generate over $100 million in stable U.S. dollar revenue for Paraguay’s government-owned utility company. Frank Holmes, HIVE’s executive chairman, mentioned that the deal is expected to add up to an additional 6.5 Exahash per second (EH/s) to HIVE’s Bitcoin mining operations, increasing its global capacity to 12.1 EH/s.
“This represents a significant milestone in our diversified growth strategy and supports our commitment to expanding our global footprint with data center operations in Canada, Sweden, Iceland, and now Paraguay,” Holmes said.
In addition to the expansion, HIVE Digital has also purchased 500 Bitmain S21 Pro Antminers. Luke Rossy, HIVE’s COO, emphasized the importance of this acquisition to “maintain our cadence in upgrading our equipment every month.” The new units are expected to arrive later in July, with the company’s total operational hashrate projected to increase to 5.6 EH/s once the miners are fully installed.
Earlier in July, HIVE Digital reported an increase in its crypto holdings to 2,503 BTC, marking a rise of over 2% from the previous month. The company mined 119 BTC in June, matching its performance from May. Following this announcement, HIVE Digital’s shares surged more than 13% on Nasdaq, reaching $4.15, according to Google Finance data.
