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HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) earlier this week provided an operational update following the commissioning of its 200 megawatt facility in Paraguay.
The company said the site is now in production and powered by green energy. It highlighted that machines were transferred from Canada to operate profitably under lower electricity costs. It added that the project includes multiple buildings across two campuses.
Executive Chairman Frank Holmes told investors that the site is expected to double production by May and continue scaling through to November.
Proactive: Frank, great to see you again. How are you?
Frank Holmes: I’m outstanding. A little jetlagged, but had a great week last week at Paris Blockchain Week. Hive had a board meeting with the directors over in Paris, and then I spoke at the conference. In particular, I gave the journey of blockchain to Bitcoin and how gamers influenced the evolution and how gamers are so significant in wanting GPU chips. That led to Bitcoin, and it led to the AI boom we’re experiencing now.
You’ve hit an operational milestone with getting this megawatt facility in Paraguay up and running — the 200 megawatt one. This is a key one for the company, right?
Yes, it is. And our presence in Paraguay — Gabriel Lamas was so busy he couldn’t make the board meeting to meet the board members because it was just so key to get the electricity going through our first set of buildings and a big campus. So we are building multiple buildings over a couple of campuses, and it’s working, and we’re in production.
We took a lot of our BuzzMiners from Canada and sent them down to Paraguay. They can function very profitably on lower electricity prices. Once again, it’s only green energy. And we’ve also created air conditioning for kids — young kids in junior schools around our facilities — for air conditioning. And it’s 30°C there.
This is going to be steadily increasing over the next couple of months as well, right? Just the start-up of what’s to come over the next little while.
We’re expecting a big surge in May — basically close to a doubling of our production. And then from there, it’ll continue to grow until about November. The latest will be that we get everything electrified, all the chips in place. You’re always stuck with things you don’t control, such as chips being flown from Asia over to Paraguay, going through customs, getting into the facilities. But right now, we’re happy as can be.
Let’s talk about the month of March, because you also, in the news release, released your production numbers and your HODL balance now at 2,201. That’s pretty impressive, Frank.
It is. It’s slightly down from the peak a couple of months ago. But what came up was a significant opportunity — buying Bitfarms operations. And so we sold some Bitcoin to do that. And fortunately, we sold at higher prices than they’re even trading at today. And we’ll be able to rebuild that position as we scale up our production profile in Paraguay.
Quotes have been lightly edited for style and clarity
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