HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) has flipped the switch on Phase 1 of its new data centre in Paraguay, marking a big step in its plans to boost bitcoin mining capacity.
The Canadian tech company said it had finished building and energising the first 100 megawatts of infrastructure at its Yguazù site – enough to eventually support 5 exahash per second (EH/s) of mining power.
For those new to crypto mining, that’s a measure of how quickly a system can process complex calculations to earn bitcoin.
HIVE is already running 200 petahashes using its in-house BUZZ Miners and expects to have 8,000 of them humming by the end of April.
A wave of new machines, including top-end Bitmain S21+ units, is now arriving, with more than 20,000 scheduled to land by the end of May.
Luke Rossy, chief operating officer, said the company was “executing with conviction” and aiming to more than double its total capacity to 25 EH/s by autumn. That would see it producing more than 12 Bitcoins a day at current network difficulty levels.
President and chief executive Aydin Kilic said HIVE’s growth was being fuelled by disciplined treasury management and no debt, adding that the leap from 6.5 to 11.5 EH/s had already been paid for.
To support the rapid expansion in Paraguay, HIVE has also hired Carlos Anibal Torres as its new local operations and project manager. He joins a team led by Gabriel Lamas, who serves as country operations president.