Bitcoin mining company HIVE Digital Technologies has announced plans to build a new 100-megawatt (MW) cryptocurrency mining facility in Paraguay.
“This potential opportunity is expected to add an additional 6.5 exahashes per second (EH/s) to our Bitcoin mining operations, bringing our global EH/s to 12.1 EH/s,” the company’s president, Frank Holmes, said in the announcement. “This represents a significant milestone in our diversified growth strategy and supports our efforts to expand our global footprint with data center operations in Canada, Sweden, Iceland, and now Paraguay.”
HIVE also announced that its Bitcoin holdings had increased to 2,521 BTC as of July 21. At the current value of $67,850 per coin, HIVE’s Bitcoin is worth over $171 million, according to The Block Prices.
HIVE reported $114.5 million in revenue year-over-year, up 8%. The Block previously reported that digital currency mining revenue reached $111 million.
The company’s shares (ticker HIVE) were trading at $4.49 as of 3:50 p.m. ET (7:51 p.m. UTC), up about 8% for the day, according to NASDAQ.
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About the Author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin first broke $20,000. Since then, MK has written nearly 1,000 articles for the publication, covering all aspects of crypto news but with a penchant for NFTs, metaverse, web3 games, fundraising, crime, hacking, and crypto ecosystem stories. MK holds a graduate degree from the Science, Health, and Environment Reporting Program (SHERP) at New York University and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.