Hive Digital (NASDAQ: HIVE) announced that it completed Phase 2 of its Yguazú project in Paraguay, bringing its total global mining capacity to 18 EH/s. Hive previously purchased the site from bitcoin miner and AI infrastructure firm Bitfarms.
The Paraguay site draws renewable energy from the Itaipú Dam, and it has boosted Hive’s fleet efficiency to ~18.5 J/TH. Hive said that it completed its phase 2 rollout for the site ahead of schedule.
The company has also energized Phase 3 at its Valenzuela site, representing an additional 100 MW of energy capacity in Paraguay. Hive expects to reach 25 EH/s by November, at which point the company’s daily production could climb to 12 BTC and its fleet efficiencyimprove to 17.5 J/TH.
In the update, President and CEO Aydin Kilic highlighted Hive dual business model of Bitcoin mining and AI cloud computing. Recently Hive’s AI-focused subsidiary, BUZZ HPC, entered into a preferred partnership with Bell Canada to deliver AI compute to government and enterprise customers in Canada.
Read More: Hive Digital quarterly mining revenue is up 44.9%, HPC up 59.8%
At time of publication, Hive is up 5% during pre-market hours.
