Hive Digital Technologies (HIVE) agreed to buy a site in Paraguay from fellow bitcoin miner Bitfarms (BITF) for a total of $85 million including assumed obligations.

The acquisition of the site in Yguazú, Paraguay will more than triple Hive’s hashrate to 25 exahash per second (Eh/s) by September, Hive said Tuesday.

It will pay a total of $56 million for the site, reimburse $19 million of deposits for power-purchase commitments and another $10 million for “remaining capital obligations,” Bitfarms said in a separate statement.

Hive estimated that developing the locate into a 200 MW site to be $400,000 per MW.

HIVE shares, which fell over 10% to $2.78 on Monday amid the DeepSeek-related sell-off in both crypto and equity markets, are trading 4.68% higher at $2.91 in pre-market trading. Bitfarms is 4.29% higher at $1.46.

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