Hive Digital Technologies, a leader in the digital asset mining industry, has announced plans to establish a 100-megawatt Bitcoin mining operation in Paraguay. This strategic expansion follows discussions between Hive's Executive Chairman, Frank Holmes, and Paraguayan President Santiago Peña, alongside senior cabinet ministers. The project is poised to significantly boost Hive's mining capabilities, potentially adding up to 6.5 Exahash per second (EH/s) to its operations, thereby increasing its global capacity to 12.1 EH/s.
The choice of Paraguay for this expansion reflects Hive's strategy to diversify its global operations, which already include data centers in Canada, Sweden, and Iceland. Paraguay's favorable business environment and rich energy resources make it an ideal location for Hive's latest venture. The company plans to apply its expertise in grid balancing and demand response to aid in the country's industrial development, offering economic benefits by monetizing underutilized power assets.
A notable feature of Hive's Paraguayan operation is the payment of energy bills in U.S. dollars, providing the Paraguayan government with a stable monthly income in a globally recognized currency. This arrangement serves as a financial safeguard against currency volatility, enhancing the country's economic stability. With electricity exports constituting about 13.2% of Paraguay's total exports in 2023, Hive's project is expected to further elevate this sector's contribution to the national economy.
This initiative not only marks a significant milestone for Hive Digital Technologies but also positions Paraguay as an emerging hub in the global digital asset and energy markets. By leveraging surplus energy and promoting sustainable practices, Hive is setting a benchmark for responsible growth in the cryptocurrency mining industry. The project underscores the potential for technological and economic advancements in Paraguay, attracting international attention and investment to its tech and energy sectors.
For more information on Hive Digital Technologies and their global operations, visit https://www.hivedigitaltechnologies.com.
