Crypto miner HIVE Digital to double revenue with 100MW center in Paraguay

Canadian cryptocurrency mining firm HIVE Digital has announced plans to build a 100 MW mining center in Paraguay in an effort to increase revenue.

Crypto mining firm HIVE Digital is preparing to build a 100-megawatt Bitcoin (BTC) mining center in Paraguay, a move that is expected to double the firm’s revenue and increase its hash rate.

In a press release published on Monday, the Vancouver-based miner said the crypto mining site will generate “over $100 million” in stable US dollar revenue for Paraguay’s government-owned utility company. Commenting on the development, HIVE’s chief executive officer Frank Holmes said the deal is expected to add “an additional 6.5 Exahash per second” (EH/s) to the company’s Bitcoin mining operations, bringing its global resources 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.”

Frank Holmes

In addition to the expansion, HIVE Digital also announced the purchase of an additional 500 Bitmain S21 Pro Antminers, which HIVE COO Luke Rossy said are needed “to continue our cadence of upgrading our equipment every month.” The units are expected to ship in late July, and once the miners are fully installed, the firm expects its total operational hashrate to increase to 5.6 EH/s, the press release said.

Earlier in July, HIVE Digital announced an increase in its crypto assets to 2,503 BTC, reflecting a more than 2% increase from the previous month. The company maintained its performance level from May, mining a total of 119 BTC in June. Following the latest news, HIVE Digital’s (HIVE) shares rose more than 13% to $4.15 on the Nasdaq, according to Google Finance data.