HIVE Digital Technologies plans a 100MW Bitcoin mining facility in Paraguay.
The company aims to boost its revenues by increasing the hash rate to 12.1 EH/s.
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.
Wall Street Bitcoin Miner
Plans 100MW Bitcoin Mine in Paraguay, Targets Revenue Boost
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.
"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.
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 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.
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.
Wall Street Bitcoin Miner
Plans 100MW Bitcoin Mine in Paraguay, Targets Revenue Boost
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.
"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.
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 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.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
MoonPay Lands AUSTRAC Registration for Aussie Crypto Services
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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