HIVE Digital Acquires Bitfarms’ 200-Megawatt Power Plant in Paraguay for $56 Million

In a significant move within the cryptocurrency mining sector, HIVE Digital has agreed to acquire a major 200-megawatt power plant from Bitfarms in Paraguay for a total of $56 million. This strategic purchase, as reported by The Block on January 28th, also includes compensation for electricity deposits totaling approximately $19 million and an additional $10 million allocated for outstanding capital commitments. According to the agreement, HIVE will initiate a $25 million payment, which is due in the first quarter of 2025, while the remaining $31 million will be paid in increments over a six-month timeline. These payments will be facilitated using HIVE’s existing cash reserves and digital asset holdings. Furthermore, the deal ensures that Bitfarms is compensated for prior electricity deposits made to local utility firms, alongside coverage for ongoing construction expenses.