Hive Digital Eyes Paraguay With New 100MW Data Center

Hive Digital Technologies has unveiled plans to establish a 100MW crypto mining facility in Paraguay, powered by renewable energy from the Itaipu hydroelectric dam. This initiative aims to double Hive's hash rate.

Expansion with Green Energy

The digital asset mining firm, known for its eco-friendly data centers, announced these plans following a visit by its executives to Paraguay, where they met with President Santiago Pe?a and key cabinet members.

Doubling Hash Rate and Earnings

Hive Digital anticipates this new venture will significantly enhance its earnings and add approximately 6.5 Exahash per second (EH/s) to its Bitcoin mining operations, boosting its global EH/s to 12.1.

“This marks a major milestone in our diversified growth strategy and reinforces our dedication to expanding our global reach,” stated Frank Holmes, Hive’s executive chairman.

With existing operations in Canada, Sweden, and Iceland, Hive is confident that this expansion will yield substantial returns and drive long-term value, spurring economic growth and innovation in Paraguay.

Leveraging Itaipu Dam’s Energy

The new data center will harness power from the Itaipu Dam, a key electricity provider in Paraguay, which meets all of the country's domestic power needs and offers surplus electricity for Bitcoin mining.

Potential Tariff Challenges

Hive’s announcement came shortly after Paraguay disclosed plans to raise electricity costs for legal crypto miners, effective August 1, as per the grid operator, Administración Nacional de Electricidad (ANDE). Miners are currently negotiating with authorities, arguing that the country could face losses up to $1.5 billion if the hikes are implemented.

Economic Benefits and Equipment Upgrades

Despite potential tariff increases, Hive projects its operations will generate over $100 million for Paraguay's power utility company in the next three years. Additionally, Hive, which currently holds 2,521 Bitcoin, announced the acquisition of 500 new Bitmain S21 Pro Antminers, expected to be shipped this month to maintain its equipment upgrade pace.

“These units are crucial to our strategy of continually upgrading our fleet while expanding our HODL position,” said Luke Rossy, chief operating officer.

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