HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) announced that it has commenced Bitcoin mining operations at its new 200-megawatt hydro-powered facility in Yguazú, Paraguay.
In its March 2025 production update, HIVE reported mining 108 Bitcoin during the month, bringing its total holdings to 2,201 Bitcoin, valued at around $180 million based on current market prices.
The company maintained an average hashrate of 6.3 Exahash per second (EH/s) during the month, with a fleet efficiency of 20.7 joules per terahash and an average daily production rate of 3.5 Bitcoin.
The company’s Paraguay site, now operating at an initial 100 Petahash, is set to ramp up significantly in the months ahead.
HIVE noted that it is fully funded to support the site's expansion and has a pipeline of next-generation mining equipment ready for deployment.
"We've successfully completed all infrastructure commissioning and testing for Phase 1 at our Yguazú site, including the substation and data center that will host incoming ASICs,” HIVE chief operating officer Luke Rossy said in a statement.
“We're energizing our first 100 MW now, with Phase 2's remaining 100 MW expected to follow shortly. I'm proud of our local operations team in Paraguay, whose efforts have been critical to meeting our ambitious schedule."
Shares of HIVE were up around 2.5% on Monday morning.
Expansion milestone
Frank Holmes, HIVE executive chairman, described the successful energization of the Yguazú facility as a pivotal milestone in the company’s expansion.
The company aims to grow its global mining capacity to 25 EH/s by the end of 2025.
“This steady, scalable growth reflects the strength of our capital base and our disciplined approach to infrastructure investment,” Holmes said.
“Over the next eight months, we aim to quadruple our production as we bring our fully funded pipeline of projects to life.”
HIVE CEO Aydin Kilic added that the company continues to execute on its growth plan at an accelerated pace.
“Our global team has worked tirelessly to ensure our expansion in Paraguay progresses efficiently and sustainably,” Kilic said.
“With all major systems in place and ASIC deployments now underway, we are on track to become one of the world's leading green-powered Bitcoin miners, delivering consistent value through innovation and energy efficiency."