Hive Digital Technologies has revealed its ambitious strategy to build a 100-megawatt digital asset mining operation in Paraguay. This development comes after a thorough tour of the country and discussions with President Santiago Peña and his senior cabinet ministers, positioning Paraguay as an ideal business-friendly environment for Hive's vision.
The new operation is projected to significantly enhance Hive's Bitcoin mining capabilities, potentially adding an additional 6.5 Exahash per second (EH/s) to its existing operations. This increase will bring Hive's global mining capacity to 12.1 EH/s, marking a substantial milestone in the company's diversified growth strategy. Hive's expansion into Paraguay aligns with its commitment to broadening its global footprint, complementing its existing data center operations in Canada, Sweden, and Iceland.
In Paraguay, Hive Digital Technologies plans to utilize its extensive experience in grid balancing and demand response to support the country's ongoing industrial development. By monetizing surplus or under-utilized power assets, Hive aims to provide significant economic benefits. Additionally, with energy bills being paid in U.S. dollars, this venture presents a unique opportunity for the Paraguayan government. The arrangement ensures stable monthly U.S. dollar income, offering a strategic currency hedge and contributing to financial stability amid a volatile global currency market.
In 2023, electricity exports accounted for approximately 13.2% of Paraguay's total exports. Hive's new operation is poised to enhance this figure, highlighting the country's growing importance in the global energy and digital asset sectors. The company's commitment to sustainable and innovative energy solutions positions it as a key player in Paraguay's industrial and economic development.
