Hive Digital is acquiring Bitfarms’ 200 MW Yguazu mining facility in Paraguay for $85 million.
It aims to reach 25 EH/s by Q3 2025, capturing 3% of the global Bitcoin mining network.
Bitfarms will reinvest the proceeds to expand its US operations with a 1 GW growth target.
Hive Digital Technologies has announced plans to purchase Bitfarms’ largest mining facility in Paraguay to expand its influence in the Bitcoin mining sector. The 200 MW Yguazu site, a critical asset for Bitfarms’ international operations, will transfer to Hive for an estimated $85 million.
Hive, which focuses on both cryptocurrency mining and artificial intelligence, its ambitious growth strategy alongside the purchase. By the third quarter of 2025, the company plans to achieve a target of 25 exahashes per second (EH/s), representing about 3% of the global Bitcoin mining network. Notably, this expansion will be powered entirely by green energy, aligning with Hive’s sustainability goals.
Upon the completion of the acquisition, HIVE’s operational capacity in Paraguay will total 300 MW, bringing its total capacity, including existing facilities in Canada and Sweden, to 430 MW by the end of September. Commenting on the company’s acquisition, Hive Digital executive chairman Frank Holmes :
“Paraguay’s political stability, reinforced by President Santiago Peña’s recent presence at President Trump’s inauguration, highlights the country’s alignment with US economic growth priorities.”
“Paraguay’s political stability, reinforced by President Santiago Peña’s recent presence at President Trump’s inauguration, highlights the country’s alignment with US economic growth priorities.”
Bitfarms Shifts Focus to North American Market
Bitfarms, while relinquishing its largest Paraguayan asset, is not retreating from the South American state. It two other mining sites in the region — Villarrica and Paso Pe — with a combined capacity of 80 MW. Despite these holdings, the company appears to be recalibrating its strategic priorities.
The capital gained from the Yguazu sale will fuel Bitfarms’ growth pipeline in the United States, targeting a 1 GW expansion for both Bitcoin and high-performance computing (HPC) infrastructure. By the year-end, the company aims to reshape its portfolio, with 80% of its operations based in North America and 20% internationally.
The move is part of a broader trend among crypto mining firms seeking opportunities in the US following regulatory shifts under crypto-friendly President Donald Trump. Many industry leaders believe that the new administration would create a more favorable economic environment for blockchain technologies.
Notably, beyond its operations in Paraguay, Bitfarms also runs facilities in Canada, the United States, and Argentina, with capacities of 158.5 MW, 17.5 MW, and 54 MW, respectively.
Hive’s Growth
Hive has rapidly grown its market presence, with the company holding over 2,800 BTC on its balance sheet at the close of 2024 — a remarkable 64% increase from the previous year.
Moreover, in December, the mining company its headquarters relocation from Vancouver, Canada, to San Antonio, Texas. The move underscores Hive’s intent to tap into the dynamic US market.
