Bitcoin miner HIVE Digital to build 100 MW crypto mining facility in Paraguay

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The Block2024/07/22 21:43

By:The Block

Quick Take The crypto mining firm HIVE Digital Technologies announced plans to build a new 100 MW crypto mining facility in Paraguay. HIVE also noted it amassed 2,521 BTC as of July 21, valued at over $171 million at the current price of bitcoin.

The bitcoin mining firm HIVE Digital Technologies announced plans to build a new 100-megawatt (MW) crypto mining facility in Paraguay.

"This potential opportunity is expected to add up to an additional 6.5 Exahash per second (EH/s) to our Bitcoin mining operations, increasing our global EH/s to 12.1 EH/s," the firm's executive chairman Frank Holmes said in a release . "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."

HIVE also announced that its bitcoin holdings grew to 2,521 BTC as of July 21. At a current valuation of $67,850 per coin, according to The Block Prices, HIVE's bitcoin is worth over $171 million.

HIVE brought in $114.5 million in year-over-year revenue, an increase of 8%. Its digital currency mining revenue amounted to $111 million , The Block previously reported.

NASDAQ shows that the firm's stock (ticker HIVE) traded at $4.49 as of 3:50 p.m. ET (19:51 UTC), an increase of around 8% on the day.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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