HIVE Digital Unveils Plan for 100-Megawatt Bitcoin Mining Site in Paraguay
HIVE Digital Technologies has announced plans to construct a 100-megawatt Bitcoin mining facility in Paraguay, marking its first venture into the country.
The move is expected to more than double the company’s mining hashrate, with the new site projected to increase its capacity from 5.6 exahashes per second to 12.1 EH/s upon completion.
The announcement follows a recent visit by HIVE executives to Paraguay, where they engaged with President Santiago Peña and other senior government officials.
According to a statement released on July 22, HIVE executives identified significant growth potential in the region.
Energy for the new facility will be sourced from Paraguay’s Itaipu hydroelectric dam, a key player in the local energy landscape.
The dam, which meets the country’s entire electricity demand, also has ample surplus power, making it an attractive option for Bitcoin miners.
HIVE to Expand Bitcoin Mining Capacity by 100 MW in Paraguay https://t.co/1P4bVRvLvQ
— HIVE Digital Technologies (@HIVEDigitalTech) July 22, 2024
However, the timing of HIVE’s announcement coincides with a recent decision by Paraguay’s state-run electricity grid operator, Administración Nacional de Electricidad (ANDE), to increase electricity costs for legal cryptocurrency miners.
This price hike, slated to take effect on August 1, has sparked concerns among miners, who argue it could cost the country’s economy up to $1.5 billion.
HIVE’s planned facility is projected to contribute over $100 million to ANDE over the next three years.
In addition to the mining site, HIVE revealed it has acquired 500 Bitmain S21 Pro Antminers, set to be shipped this month.
The expansion into Paraguay will make it the fourth country where HIVE operates, joining Canada, Iceland,
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