A significant acquisition has been made, with a company securing a 200-megawatt hydro-powered facility in Paraguay. This strategic move is set to enhance their mining capacity by an impressive 317%, escalating from 6 Exahashes per second (EH/s) to an anticipated 25 EH/s by September 2025.
Despite the challenges experienced in the cryptocurrency market, especially with Bitcoin (BTC) prices dropping 25% from their peak in January, the company is resolutely pursuing its growth strategy. Currently, Bitcoin is encountering market pressures, experiencing a downturn not seen in over four months.
The acquisition, valued at $56 million, bolsters the company’s position within the sustainable blockchain infrastructure sector. By the third quarter of 2025, their operational capacity is projected to expand globally to 430 MW across Paraguay, Canada, and Sweden. The acquisition also allows for control of 300 MW of mining infrastructure specifically in Paraguay, which complements their 100 MW project in Valenzuela that is scheduled to become operational by June.
The facility in Yguazú will be constructed in two phases, with the first phase projected for completion by April 1, expected to add around 6 EH/s of hashrate. Currently, construction is said to be 80% complete. The second phase, due for completion by August 31, is anticipated to contribute an additional 6.5 EH/s utilizing hydro-cooled ASICs to maximize efficiency.
In light of the current market dynamics, the company remains steadfast in its expansion efforts, focusing on projects that can enhance its hashrate despite the Bitcoin price slump and rising mining difficulties that have affected profit margins. Bitcoin was trading at around $82,500 as of mid-March 2025, marking a decline from just two months prior and approaching a significant psychological price point of $80,000.
Production metrics reflect the impact of the recent decrease in Bitcoin value, with the company mining 89 BTC last month, down from 102 BTC previously. Nevertheless, efforts continue to reallocate resources towards projects aimed at bolstering operational efficiency and output.
Securing advanced ASICs for a total of 15 EH/s of operational hashrate is a priority, which includes an existing capacity of 6.5 EH/s and an order for 8.6 EH/s of Bitmain S21+ Hydro ASICs announced last November. Future announcements regarding additional ASIC acquisitions are anticipated as the company strives to reach the target of 25 EH/s while also aiming for an impressive fleet-wide efficiency of 16.5 Joules per Terahash.
An essential component of this expansion includes the acquisition of a 240 MVA substation with 200 MW of capacity, land, and facilities. The financial aspects entail a payment of $25 million upon closing, with the remaining $31 million to be settled in installments over the next six months. The estimated total net expenditures for developing the facility to meet the 200 MW mark are projected at $400,000 per MW.
In conjunction with these developments, the company appointed a new Country President for Paraguay, who brings over 20 years of experience in energy and infrastructure projects. His previous role included leading infrastructure and operations for a notable organization in the region. This leadership aligns with the company’s intention to establish itself as a significant electricity consumer from the national utility, thereby fostering economic benefits and a steady revenue stream for the government.
The regulatory stability and low-cost hydroelectric power available in Paraguay render it an optimal location for expansion. This strategic approach positions the entity as a formidable player in high-performance computing within Latin America, aiming to capitalize on local resources and operational efficiencies to propel further growth in the coming years.