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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

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    Ethereum Collections Lead NFT Sales Today

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    Labubus have succeeded in every way that NFTs have failed

    CryptoPunks Floor Price Hits 3-Year High of $208,000

    CryptoPunks Floor Price Hits 3-Year High of $208,000

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    NFT sales surge to $574 million in July, second-highest in 2025

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    Animoca Brands Partnership Unveils Revolutionary Web3 Gaming Future

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    Cracking China’s Blockchain Gaming Market: Why Shrapnel Chose GalaChain

    Shrapnel to Leave Avalanche in New Partnership with Gala Games

    Shrapnel to Leave Avalanche in New Partnership with Gala Games

    Google to Pit Top AI Models Against Each Other in Live Chess Tournament

    Google to Pit Top AI Models Against Each Other in Live Chess Tournament

    Blockchain Bookmakers: A New Era of Fair and Secure

    Blockchain Bookmakers: A New Era of Fair and Secure

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    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

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    The Biggest Games Releasing in August 2025

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    TaskOn Joins EPHYRA to Elevate AI-Powered Gaming Experience

    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

  • Blockchain
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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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Home Mining

Bitcoin Miner from Wall Street Plans to Double Revenue with New Hydroelectric Data Center

July 29, 2024
in Mining
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Bitcoin Miner from Wall Street Plans to Double Revenue with New Hydroelectric Data Center
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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.

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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

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.

See also  Buterin labels Saylor’s Bitcoin custody comment as 'insane' - Why?

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 Digital to build data center in Paraguay, targeting higher hash rate https://t.co/231n1xc4a6 pic.twitter.com/wdQfsgtwFh

— HIVE Digital Technologies (@HIVEDigitalTech) July 22, 2024

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.

Tags: BitcoinCenterdatadoubleHydroelectricminerplansrevenueStreetWall

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