Hive Digital to Expand Operations to Paraguay for the First Time

Hive Digital Technologies, a prominent Bitcoin mining firm, announces its first expansion into Paraguay, expecting to significantly boost its mining capacity.

Points

• Hive Digital plans to build a 100-megawatt mining site in Paraguay.
• The new site will more than double Hive’s current mining hashrate.
• Paraguay’s Itaipu hydroelectric dam will provide energy for the mining operations.
• The announcement follows an increase in electricity costs for cryptocurrency miners in Paraguay.
• Hive estimates the facility will generate over $100 million for Paraguay’s state-run electricity grid operator, ANDE, in the next three years.

Hive Digital Technologies, a leading Bitcoin mining company, is set to expand its operations to Paraguay for the first time. The company plans to construct a 100-megawatt mining facility, which is expected to more than double its current mining hashrate. This strategic move follows a visit by Hive executives to Paraguay, where they met with President Santiago Peña and senior cabinet ministers, recognizing the country’s significant growth potential.

Hive Digital projects an increase in its mining hashrate from 5.6 exahashes per second to an impressive 12.1 EH/s upon the completion of the new site. The energy required for this massive operation will be sourced from Paraguay’s Itaipu hydroelectric dam, a popular choice among Bitcoin miners due to its surplus electricity.

Cointelegraph

However, this expansion comes amid a recent announcement by Paraguay’s state-run electricity grid operator, Administración Nacional de Electricidad （ANDE）, which stated that electricity costs for legal cryptocurrency miners would increase starting August 1. This decision has faced opposition from cryptocurrency miners who argue that the price hike could lead to significant economic losses for Paraguay.

Despite these challenges, Hive Digital remains optimistic about its venture. The company anticipates that the 100-megawatt facility will generate over $100 million in revenue for ANDE over the next three years. Additionally, Hive plans to hire local employees, contributing to the economic development and innovation in the region.

In conjunction with its expansion plans, Hive Digital has also announced the acquisition of 500 Bitmain S21 Pro Antminers, which are expected to be delivered this month. Paraguay will become the fourth country where Hive operates, joining Canada, Iceland, and Sweden.

“We are confident that this venture can deliver healthy returns and drive long-term value, fostering economic growth and innovation in the region,” a Hive spokesperson stated.

解説

• Hive Digital Technologies is expanding into Paraguay to build a large Bitcoin mining facility, which will more than double its mining capacity.
• Paraguay’s Itaipu hydroelectric dam will provide the necessary energy, making it a strategic location for the expansion.
• The company faces challenges due to increased electricity costs for cryptocurrency miners, but remains optimistic about its revenue projections and the potential for local job creation.
• Hive Digital’s expansion into Paraguay marks its fourth international mining operation, demonstrating its commitment to growth and innovation in the cryptocurrency mining industry.