Hive Digital Technologies has unveiled plans to establish a 100-megawatt digital asset mining operation in Paraguay. The announcement follows a comprehensive tour of the country and discussions with President Santiago Peña and senior cabinet ministers. The company identified Paraguay as a business-friendly environment that aligns with its strategic vision.
The project is expected to significantly enhance Hive's Bitcoin mining capabilities, potentially adding up to 6.5 Exahash per second (EH/s) and raising the company's global mining capacity to 12.1 EH/s. This expansion aligns with Hive's broader strategy to diversify its global footprint, which already includes data center operations in Canada, Sweden, Iceland, and now Paraguay.
Hive plans to utilize its experience in grid balancing and demand response to support industrial development in Paraguay. By monetizing surplus or under-utilized power assets, the company aims to provide substantial economic benefits. Additionally, with energy bills paid in U.S. dollars, Hive's operations offer a unique opportunity for the Paraguayan government, ensuring stable monthly U.S. dollar income and acting as a strategic currency hedge.
Electricity exports represented approximately 13.2% of Paraguay's total exports in 2023. Hive's new operation is poised to further enhance this figure, highlighting the country's growing role 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.
