HIVE Digital Technologies is making a significant move to expand its presence in Paraguay, seeing the country as a strategic partner for sustainable Bitcoin mining.
Why is HIVE Digital Technologies Investing in Paraguay?
HIVE Digital Technologies focuses on Paraguay due to its low electricity costs and political stability. CEO Aydin Kilic highlighted major factors for investment, including:
* **Low-Cost Hydropower:** Paraguay offers some of the lowest electricity prices due to its large hydroelectric dams. * **Political Stability:** The country provides a more stable political environment than others. * **Supportive Policies:** The government seeks to attract energy-intensive industries, including cryptocurrency mining.
Scale of the Crypto Mining Expansion
HIVE plans a significant expansion of its operations in Paraguay, including acquiring a 200 MW site from Bitfarms, with the first phase already completed at 100 MW. The goal is to expand capacity to 300 MW and reach 25 Exahashes per second by September 2025.
The Power of Paraguay Hydropower in Bitcoin Mining
HIVE is leveraging hydropower as the primary energy source for its operations. Key benefits of hydropower include:
* **Sustainability:** Aligns with increasing interest in environmentally friendly mining methods. * **Cost Predictability:** Hydropower prices are typically more stable than fossil fuel prices. * **Abundance:** Paraguay's geography provides a steady and large supply of hydropower.
The expansion of HIVE Digital Technologies in Paraguay emphasizes the commitment to sustainable Bitcoin mining and presents opportunities for significant growth in the industry.
