Hive Digital (NASDAQ: HIVE) has completed the construction and energy of the Phase 1 infrastructure at its first 100 megawatt (MW) facility on Iguazu Island, Paraguay, a Bitcoin mining company, announced on April 20th.
The Yguazù facility is an air-cooled data center backed by a fully energized 200 MW substation. Once completed, the facility can host a hashrate capacity of 5 exer hash per second (EH/S) for application-specific integrated circuit (ASIC) crypto miners.
Hive is currently running at the facility with a capacity of 200 Petahashes per 200 seconds (PH/S) using Buzz Miners. The company expects 8,000 additional miners to go online by the end of April.
Initial distribution of ASICs, including the Bitmain S21+ unit, has arrived at the facility. The company expects more than 20,000 units to be delivered by the end of May.
Hive expects Paraguay’s hashrate capacity to scale to 5 EH/s and expects to expand to 11.5 EH/s across all operations by the end of the second quarter of 2025.
Crypto-mining is the process of verifying and adding transactions to the blockchain by solving a cryptographic problem called hashing.
Hashrate is a metric that measures how quickly Crypto Miner performs cryptographic calculations to resolve blocks in a blockchain network. It is calculated in terms of hash per second, that is, the number of hash operations per second.
“We’re committed to providing a range of services to our customers,” said Aydin Kilic, president and CEO of Hive. “We marked a strategic pivot at the end of our fiscal year: no debt, just wise execution.
Hive Digital is a Bitcoin mining company operating in Canada, Sweden and Paraguay. The company’s shares have risen 15% to $1.715 at the time of writing since its announcement.