BITFARMS’ BIG BUST: $56M PARAGUAY MINE GOES TO HIVE DIGITAL 🤑💸
HIVE Digital is like that one friend who’s always buying everyone else’s problems, and now it’s just bought a $56 million Bitcoin mining facility in Paraguay from Bitfarms. 🤯
The deal involves a $25 million upfront payment, because who needs cash reserves when you can just pay $25 million upfront? 🤑 And the remaining $31 million will be paid in six easy monthly installments, because who doesn’t love a good payment plan? 💸
The $56 Million Purchase: Because Who Needs a Social Life?
According to HIVE’s announcement, the Yguazú facility will be developed in two stages, because who needs to focus on one thing at a time? 🤯 Phase 1 is already 80% finished, because who needs to finish what they start? 🤦♀️ It’s scheduled for completion by April 1, 2025, and will add approximately six exahashes per second (EH/s) to HIVE’s Bitcoin mining capacity. Because who doesn’t love a good metric? 📊
Phase 2, expected to be wrapped up by August 31, 2025, will introduce hydro-cooled Bitmain S21+ ASICs, because who doesn’t love a good acronym? 🤪 The cost of completing the facility? A whopping $400,000 per MW. Because who needs to save money when you can just spend it on fancy equipment? 💸
As part of the acquisition, HIVE will assume $19 million in pre-existing power purchase agreement (PPA) deposits that Bitfarms paid to Paraguayan utility ANDE. Because who needs to worry about power bills when you can just assume someone else’s debt? 🤷♀️
Bitfarms, on the other hand, is like that one friend who’s always changing their plans. They initially planned to develop the site as part of their 2024 expansion into Latin America, but construction delays led to the relocation of mining equipment to Stronghold Digital’s Pennsylvania facility. Because who needs a plan when you can just make it up as you go along? 🤪
“We are pleased to announce the sale of our Yguazú site to HIVE as we continue to streamline our operations and rebalance towards North America,” said CEO Ben Gagnon. Because who doesn’t love a good corporate buzzword? 🤪
Bitfarms remains committed to its operations in Latin America, where it has three other facilities with a total capacity of 144 MW and long-term power agreements. Because who needs to focus on one thing at a time? 🤯
The latest development comes after a proposed merger with Riot Platforms Inc. in 2024, which would have created 15 facilities in several areas, including Paraguay. But Bitfarms’ board ultimately rejected the plan, because who needs a merger when you can just buy a mine? 🤑
Read More
- “I’m a little irritated by him.” George Clooney criticized Quentin Tarantino after allegedly being insulted by him
- South Korea Delays Corporate Crypto Account Decision Amid Regulatory Overhaul
- What was the biggest anime of 2024? The popularity of some titles and lack of interest in others may surprise you
- Destiny 2: When Subclass Boredom Strikes – A Colorful Cry for Help
- Deep Rock Galactic: The Synergy of Drillers and Scouts – Can They Cover Each Other’s Backs?
- Sonic 3 Just Did An Extremely Rare Thing At The Box Office
- Final Fantasy 1: The MP Mystery Unraveled – Spell Slots Explained
- Influencer dies from cardiac arrest while getting tattoo on hospital operating table
- Smite’s New Gods: Balancing Act or Just a Rush Job?
- Twitch CEO explains why they sometimes get bans wrong
2025-02-03 04:51