HIVE Digital Applied sciences Ltd., the Bitcoin miner from Wall Avenue (Nasdaq: HIVE) introduced plans to assemble a 100-megawatt BTC mining operation in Paraguay, aiming to double its income and considerably increase its hashrate capability.
The Vancouver-based firm, which makes a speciality of green-focused knowledge facilities, intends to energy the ability utilizing clear vitality from the Itaipu hydroelectric dam. This growth is predicted to extend HIVE’s world Bitcoin mining capability from 5.6 to 12.1 exahash per second (EH/s) throughout the subsequent 12 months.
Frank Holmes, Govt Chairman of HIVE
“This represents a major milestone in our diversified development technique,” Frank Holmes, HIVE’s Govt Chairman, commented. “We’re assured that this enterprise can ship wholesome returns and drive long-term worth, fostering financial development and innovation within the area.”
The announcement follows conferences between HIVE executives and Paraguayan President Santiago Peña, throughout which the corporate endorsed Paraguay’s business-friendly setting. HIVE emphasised that authorities stability in areas corresponding to vitality pricing and taxation could be essential for future growth concerns.
Final week, Marathon Digital, one other Bitcoin miner from Wall Avenue, additionally made headlines when it was ordered to pay $138 million to the founding father of a competing mining firm. Michael Ho from Hut 8 allegedly developed a development technique for Marathon however didn’t obtain the suitable compensation.
The proposed knowledge heart is projected to generate over $100 million in US greenback income for Paraguay’s utility firm over the subsequent three years. HIVE plans to leverage its expertise in grid balancing and demand response to assist industrial improvement within the nation.
Final 12 months, the corporate rebranded from HVE Blockchain to Digital to mirror the evolving nature of its enterprise. Along with specializing in cryptocurrency mining, the corporate expanded into high-performance computing (HPC) knowledge facilities and the rising development of mass adoption of Synthetic Intelligence (AI).
HIVE Digital to construct knowledge heart in Paraguay, focusing on larger hash fee https://t.co/231n1xc4a6 pic.twitter.com/wdQfsgtwFh
— HIVE Digital Applied sciences (@HIVEDigitalTech) July 22, 2024
HIVE Buys 500 Mining Rigs
Luke Rossy, HIVE’s Chief Working Officer, additionally revealed the acquisition of 500 Bitmain S21 Professional Antminers, the most recent in mining know-how. “These models are anticipated to ship this month and are integral to the Firm’s technique of regularly upgrading its fleet whereas rising its HODL place,” Rossy defined.
As of July 21, 2024, HIVE reported holding 2,521 Bitcoin, up from 2,496 on the finish of June. With Bitcoin’s present market worth, this represents over $170 million in digital property on the corporate’s stability sheet.
In line with the most recent monetary report from the publicly traded miner, the corporate achieved an annual income of $114.5 million and an adjusted EBITDA of $37.5 million within the fiscal 12 months 2024. Over the 12 months ending March 31, 2024, the corporate mined 3,123 Bitcoin and held 2,287 Bitcoin, valued at $161.3 million on its year-end stability sheet.
The Paraguay mission stays topic to last agreements, due diligence, board approval, and regulatory clearances. HIVE acknowledged that additional particulars might be offered within the close to future.