Hive Digital Technologies announces plans to build a 100-megawatt Bitcoin mining site in Paraguay, marking its first operation in the country and highlighting its clean energy focus.
Points
- Hive Digital plans to build a 100-megawatt mining site in Paraguay.
- The site will more than double Hive’s mining hashrate.
- Energy will be sourced from Paraguay’s Itaipu hydroelectric dam.
- The project is expected to generate over $100 million for ANDE in three years.
- Hive will hire local employees and aims to foster economic growth in the region.
Bitcoin miner Hive Digital Technologies has revealed ambitious plans to build a 100-megawatt mining site in Paraguay, marking its first venture into the country. This site is expected to more than double Hive’s current mining hashrate from 5.6 exahashes per second to 12.1 EH/s, significantly boosting its capacity.
The energy required for this large-scale mining operation will be sourced from Paraguay’s Itaipu hydroelectric dam, which is renowned for its ability to supply all of Paraguay’s local electricity needs while leaving ample excess for other uses. This clean energy source aligns with Hive’s commitment to sustainable and eco-friendly mining practices.
https://x.com/HIVEDigitalTech/status/1815446827497648418
Hive estimates that the new 100-megawatt facility will generate over $100 million for ANDE, Paraguay’s national electricity administration, over the next three years. This project will not only enhance Hive’s operational capacity but also contribute to the local economy by creating job opportunities and fostering economic growth in the region.
In addition to its expansion into Paraguay, Hive Digital announced the acquisition of 500 Bitmain S21 Pro Antminers, which are expected to be shipped this month. This acquisition will further augment Hive’s mining capabilities.
Paraguay will become the fourth country where Hive operates mining facilities, joining Canada, Iceland, and Sweden. Hive’s clean energy-focused approach has allowed the company to remain resilient and grow, despite facing a challenging market earlier this year, with shares falling over 48% in the first five months of 2024. However, the company has since rebounded, up 2.5% in 2024, reflecting its strategic investments and sustainable practices.
Hive’s change in share price since Jan. 1, 2024. Source: Google Finance
解説
- Hive Digital’s expansion into Paraguay highlights the company’s strategic focus on leveraging clean energy for its mining operations.
- Sourcing energy from the Itaipu hydroelectric dam aligns with global trends towards sustainable and eco-friendly business practices.
- The significant increase in mining hashrate will enhance Hive’s competitive position in the global cryptocurrency mining market.
- Local economic benefits, such as job creation and revenue generation for ANDE, underscore the positive community impact of the project.
- Investors should monitor Hive’s progress in Paraguay and its overall performance in expanding its clean energy mining operations globally.