Canadian Bitcoin mining company HIVE Digital has completed construction of its main facility in Paraguay with the goal of achieving 25 EH/s capacity by fall 2025.

Shares of HIVE Digital rose 2% in pre-market trading on April 21 after the bitcoin (BTC) mining company announced that it had completed the first phase of infrastructure at its 100-megawatt facility in Paraguay. In a press release on Sunday, HIVE Digital noted that its Iguazu facility is now fully connected to the power grid and equipped to accommodate 5 exahashes per second of ASIC miners.

HIVE is already running at 200 PH/s using its internal BUZZ miners and expects to have 8,000 units online by the end of April. The first shipments of Bitmain S21+ miners have already begun, with more than 20,000 units expected to be delivered by the end of May, according to the press release.

“As of March 31, we have secured deposits for 4.3 EH/s Bitmain S21+ miners, funded by disciplined treasury management. Our fiscal year has been marked by a strategic turnaround – no debt, just smart execution. Our expansion from 6.5 EH/s to 11.5 EH/s has been funded, and we are moving forward quickly.”

Aydin Kilych, CEO of HIVE Digital

You may also be interested in: HIVE Digital Completes Acquisition of Yguazú Mine in Paraguay, Seeking to Boost Production by 317%

By the end of Q2, HIVE plans to scale up to 5 EH/s in Paraguay and 11.5 EH/s globally. As noted by HIVE Digital COO Luc Rossi, the company aims to reach 25 EH/s by fall 2025, producing over 12 BTC daily.

With the completion of the construction, HIVE Digital also announced the new appointment of Carlos A. Torres Perez as Operations and Project Manager for Paraguay. HIVE Digital claims that Paraguay has the “talent, energy, and vision” to lead the crypto mining market, and the Canadian mining giant has backed this up.

Read More: HIVE Digital Shares Rise as Bitcoin Reserves Increase 23% YoY

Source: cryptonews.net