HIVE Digital Technologies plans a 100MW Bitcoin mining facility in Paraguay.
The company aims to boost its revenues by increasing the hash rate to 12.1 EH/s.
HIVE
Digital Technologies Ltd., the Bitcoin miner from Wall Street (Nasdaq: HIVE)
announced plans to construct a 100-megawatt BTC mining operation in Paraguay,
aiming to double its revenue and significantly boost its hashrate capacity.
Wall Street Bitcoin Miner
Plans 100MW Bitcoin Mine in Paraguay, Targets Revenue Boost
The
Vancouver-based company, which specializes in green-focused data centers,
intends to power the facility using clean energy from the Itaipu hydroelectric
dam. This expansion is expected to increase HIVE's global Bitcoin mining
capacity from 5.6 to 12.1 exahash per second (EH/s) within the next year.
Frank Holmes, Executive Chairman of HIVE
"This
represents a significant milestone in our diversified growth strategy," Frank
Holmes, HIVE's Executive Chairman, commented. "We are confident that this
venture can deliver healthy returns and drive long-term value, fostering
economic growth and innovation in the region."
The
announcement follows meetings between HIVE executives and Paraguayan President
Santiago Peña, during which the company endorsed Paraguay's business-friendly
environment. HIVE emphasized that government stability in areas such as energy
pricing and taxation would be crucial for future expansion considerations.
Last week, Marathon Digital, another Bitcoin miner from Wall Street, also made headlines when it was ordered to pay $138 million to the founder of a competing mining company. Michael Ho from Hut 8 allegedly developed a growth strategy for Marathon but did not receive the appropriate compensation.
The
proposed data center is projected to generate over $100 million in US dollar
revenue for Paraguay's utility company over the next three years. HIVE plans to
leverage its experience in grid balancing and demand response to support
industrial development in the country.
Last year,
the company rebranded from HVE Blockchain to Digital to reflect the evolving
nature of its business. In addition to focusing on cryptocurrency mining, the
company expanded into high-performance computing (HPC) data centers and the
growing trend of mass adoption of Artificial Intelligence (AI).
HIVE Buys 500 Mining Rigs
Luke Rossy,
HIVE's Chief Operating Officer, also revealed the acquisition of 500 Bitmain
S21 Pro Antminers, the latest in mining technology. "These units are
expected to ship this month and are integral to the Company's strategy of
continually upgrading its fleet while growing its HODL position," Rossy
explained.
As of July
21, 2024, HIVE reported holding 2,521 Bitcoin, up from 2,496 at the end of
June. With Bitcoin's current market value, this represents over $170 million in
digital assets on the company's balance sheet.
According
to the latest financial report from the publicly traded miner, the company
achieved an annual revenue of $114.5 million and an adjusted EBITDA of $37.5
million in the fiscal year 2024. Over the 12 months ending March 31, 2024, the
company mined 3,123 Bitcoin and held 2,287 Bitcoin, valued at $161.3 million on
its year-end balance sheet.
The
Paraguay project remains subject to final agreements, due diligence, board
approval, and regulatory clearances. HIVE stated that further details will be provided in the near future.
HIVE
Digital Technologies Ltd., the Bitcoin miner from Wall Street (Nasdaq: HIVE)
announced plans to construct a 100-megawatt BTC mining operation in Paraguay,
aiming to double its revenue and significantly boost its hashrate capacity.
Wall Street Bitcoin Miner
Plans 100MW Bitcoin Mine in Paraguay, Targets Revenue Boost
The
Vancouver-based company, which specializes in green-focused data centers,
intends to power the facility using clean energy from the Itaipu hydroelectric
dam. This expansion is expected to increase HIVE's global Bitcoin mining
capacity from 5.6 to 12.1 exahash per second (EH/s) within the next year.
Frank Holmes, Executive Chairman of HIVE
"This
represents a significant milestone in our diversified growth strategy," Frank
Holmes, HIVE's Executive Chairman, commented. "We are confident that this
venture can deliver healthy returns and drive long-term value, fostering
economic growth and innovation in the region."
The
announcement follows meetings between HIVE executives and Paraguayan President
Santiago Peña, during which the company endorsed Paraguay's business-friendly
environment. HIVE emphasized that government stability in areas such as energy
pricing and taxation would be crucial for future expansion considerations.
Last week, Marathon Digital, another Bitcoin miner from Wall Street, also made headlines when it was ordered to pay $138 million to the founder of a competing mining company. Michael Ho from Hut 8 allegedly developed a growth strategy for Marathon but did not receive the appropriate compensation.
The
proposed data center is projected to generate over $100 million in US dollar
revenue for Paraguay's utility company over the next three years. HIVE plans to
leverage its experience in grid balancing and demand response to support
industrial development in the country.
Last year,
the company rebranded from HVE Blockchain to Digital to reflect the evolving
nature of its business. In addition to focusing on cryptocurrency mining, the
company expanded into high-performance computing (HPC) data centers and the
growing trend of mass adoption of Artificial Intelligence (AI).
HIVE Buys 500 Mining Rigs
Luke Rossy,
HIVE's Chief Operating Officer, also revealed the acquisition of 500 Bitmain
S21 Pro Antminers, the latest in mining technology. "These units are
expected to ship this month and are integral to the Company's strategy of
continually upgrading its fleet while growing its HODL position," Rossy
explained.
As of July
21, 2024, HIVE reported holding 2,521 Bitcoin, up from 2,496 at the end of
June. With Bitcoin's current market value, this represents over $170 million in
digital assets on the company's balance sheet.
According
to the latest financial report from the publicly traded miner, the company
achieved an annual revenue of $114.5 million and an adjusted EBITDA of $37.5
million in the fiscal year 2024. Over the 12 months ending March 31, 2024, the
company mined 3,123 Bitcoin and held 2,287 Bitcoin, valued at $161.3 million on
its year-end balance sheet.
The
Paraguay project remains subject to final agreements, due diligence, board
approval, and regulatory clearances. HIVE stated that further details will be provided in the near future.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Forex.com Owner StoneX Adds Crypto Offering Under MiCA Licence
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Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
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Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
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We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
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Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
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We break down Exness’s regulatory framework, supported trading platforms including MetaTrader 4, MetaTrader 5, Exness Terminal, and the Exness Trade App, as well as available account types such as Standard, Pro, Zero, and Raw Spread.
You’ll also learn about Exness’s leverage options, fees and commissions, swap-free trading, available instruments across forex, commodities, indices, stocks, and cryptocurrencies, and what traders can expect in terms of execution, funding speed, and customer support.
Watch the full review to see whether Exness aligns with your trading goals and strategy.
👉 Explore Exness’s full broker listing on the Finance Magnates Directory:
https://directory.financemagnates.com/multi-asset-brokers/exness/
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
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#Exness #ExnessReview #Forex #FinanceMagnates #ForexBroker #BrokerReview #CFDTrading #OnlineTrading #MarketInsights
In this video, we take an in-depth look at @Exness , a global multi-asset broker operating since 2008, known for fast withdrawals, flexible account types, and strong regulatory coverage across multiple regions.
We break down Exness’s regulatory framework, supported trading platforms including MetaTrader 4, MetaTrader 5, Exness Terminal, and the Exness Trade App, as well as available account types such as Standard, Pro, Zero, and Raw Spread.
You’ll also learn about Exness’s leverage options, fees and commissions, swap-free trading, available instruments across forex, commodities, indices, stocks, and cryptocurrencies, and what traders can expect in terms of execution, funding speed, and customer support.
Watch the full review to see whether Exness aligns with your trading goals and strategy.
👉 Explore Exness’s full broker listing on the Finance Magnates Directory:
https://directory.financemagnates.com/multi-asset-brokers/exness/
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Exness #ExnessReview #Forex #FinanceMagnates #ForexBroker #BrokerReview #CFDTrading #OnlineTrading #MarketInsights
