Hive Digital expands 400% in Paraguay

Hive Digital Technologies, one of the world's largest public Bitcoin (CRYPTO:BTC) miners, is significantly expanding its operations in Paraguay, aiming to increase its capacity by over 400%.

This ambitious plan leverages Paraguay's abundant hydroelectric energy resources, particularly from the Itaipu dam, which provides a surplus of power that can be sold to Bitcoin mining companies at higher rates than to neighboring countries.

"We’re going to go up above 400%. You got to think that we’re going to be having triplets over the next nine months as we build out Paraguay, which has a huge surplus of hydroelectricity," stated Executive Chairman Frank Holmes, emphasising the strategic importance of Paraguay.

Holmes noted that Hive Digital's presence benefits the Paraguayan government by generating stable U.S. dollar revenue each month, helping build local infrastructure and supporting community development.

The expansion involves acquiring a 200 MW hydro-powered Bitcoin mining facility from Bitfarms, which will contribute to Hive Digital's goal of reaching a hashrate of 25 EH/s by September 2025.

This growth is part of a broader strategy to solidify Hive Digital's position as a leader in sustainable Bitcoin mining, utilising 100% green hydroelectric energy.

Despite initial concerns over power fee hikes in Paraguay, Hive Digital remains committed to its expansion plans.

The company's strategic investments and partnerships are designed to drive growth while maintaining high efficiency and reducing environmental impact.

As Hive Digital continues to expand, it is poised to become one of the largest Bitcoin mining operators in Latin America, capitalising on Paraguay's favorable energy landscape and political stability.

This expansion not only underscores Hive Digital's commitment to sustainable mining practices but also highlights the economic benefits of Bitcoin mining for host countries like Paraguay.