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HIVE Digital Signs Agreement to Develop 100 MW Hydroelectric Data Center in Paraguay, Targeting to Reach 12 Exahash Next Year
Vancouver, British Columbia--(Newsfile Corp. - July 31, 2024) - HIVE Digital Technologies Ltd. (T...
About this update from Hive Digital Technologies Ltd
[{"type":"text","content":"\nHIVE Digital Signs Agreement to Develop 100 MW Hydroelectric Data Center in Paraguay, Targeting to Reach 12 Exahash Next YearVancouver, British Columbia--(Newsfile Corp. - July 31, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (\"HIVE\" or the \"Company\" ), a leading digital asset miner and \"green\"-focused data center builder and operator, announces that, further to its news release of July 22, 2024, it has entered into definitive agreements (the \"Agreements\") for the development of a 100 megawatt (\"MW\") digital asset mining operation in Paraguay. The Agreements are composed of: (i) a share purchase agreement (the \"SPA\") among Paraguay Digital Ltd. (\"HIVE Paraguay\"), a wholly-owned subsidiary of the Company, and the owners of W3X SA (\"W3X\" or the \"Target\"); and (ii) a construction agreement (the \"Construction Agreement\") among the newly acquired Company, W3X SA (\"W3X\"), and an experienced local contractor (or the \"Contractor\") (all amounts in US dollars, unless otherwise indicated).Aydin Kilic, President and CEO of HIVE, stated: \"We are proud to announce the acquisition of a 100 MW PPA in Paraguay, utilizing green and clean energy sourced from the Itaipu hydroelectric dam. Our team is hard at work to design and commence building an additional 6.5 Exahash per second (EH/s) Bitcoin mining infrastructure, increasing our global EH/s to 12.1 EH/s.\" However, we have capped our investment at 100 MW after turning down an additional 150 MW due to unexpected fiscal policy changes. Like many other public miners, we will explore other countries that offer stable capital for key electrical infrastructure, data centers for the global digital economy, U.S. currency income, and transparent fiscal agreements.Frank Holmes, Executive Chairman of HIVE, stated: \"Stable fiscal policies are crucial in attracting and maintaining continued foreign direct investment from public companies and U.S. institutional investors. We will continue to advocate for fair treatment for the data center and Bitcoin mining industries, as we have been doing across Canada, the United States, and Sweden. Data centers in Paraguay act as a currency hedge by bringing the government-owned utility millions of stable U.S. dollar revenue monthly. When they are public companies and institutional funds, they have a multifacet...