Bitcoin Miners Hive, Bitfarms Rise Pre-Market On $85M Paraguay Site Deal: Retail Has Mixed Feelings

Hive Digital Technologies (HIVE) shares rose 2.5% in pre-market trading on Tuesday after the Bitcoin miner announced an $85 million acquisition of a site in Yguazú, Paraguay, from fellow Bitcoin miner Bitfarms (BITF). 

Bitfarms’ stock gained over 3.5% in early morning trade.

The transaction includes $56 million for the site itself and the assumption of $29 million in obligations. 

Hive said the acquisition would more than triple its hashrate – or Bitcoin mining capacity –  to 25 exahash per second (Eh/s) by September 2025. 

Upon completion, the enhanced capacity at the Paraguay site will total 300 MW, bringing Hive’s global operational capacity—including its existing facilities in Canada and Sweden—to 430 MW by Q3 2025.

The company estimates total net costs to fully develop the site’s 200 MW capacity to be $400,000 per MW.

Hive Digital Technologies Sentiment and Message Volume on Jan.28 as of 7:30 a.m. ET | Source: Stocktwits

On Stocktwits, retail sentiment around Hive’s stock improved to the ‘neutral’ zone from ‘bearish’ a day ago, while message volume also picked up to ‘high’ from ‘low’ levels.

One user questioned whether the company had overpaid for the acquisition.

Bitfarms Sentiment and Message Volume on Jan.28 as of 7:35 a.m. ET | Source: Stocktwits

Retail sentiment on Stocktwits around Bitfarms’ stock also improved to ‘neutral’ from ‘bearish’ a day ago as message volume increased to ‘high’ from ‘low’ levels.

Investors on the platform applauded the sale as a strategic move.

Bitfarms’ CEO Ben Gagnon said the proceeds from the sale would support the company’s 1 GW growth pipeline in the U.S., focused on Bitcoin mining and high performance computing (HPC) infrastructure. 

Gagnon emphasized Bitfarms’ broader transition from a Bitcoin miner to a North American energy and compute infrastructure company.

However, both stocks have faced recent sell-offs. 

Hive's stock fell over 10% on Monday during the broader crypto and equity market downturn, leaving its shares down 6% year-to-date. 

Bitfarms, which dropped more than 14% on Monday, has lost over 10% year-to-date.

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