Crypto Miner Hive Digital Expands to Paraguay
HIVE Digital Technologies, a Bitcoin mining company, has announced plans to construct a 100-megawatt mining facility in Paraguay, marking its first site in the country.
The move is expected to significantly boost HIVE’s mining capacity, increasing it from 5.6 exahashes per second to 12.1 EH/s.
The decision to expand into Paraguay was made after HIVE executives visited the country, met with President Santiago Peña and other senior officials, and identified “significant potential for growth.”
The energy required for the mining operation will be sourced from Paraguay’s Itaipu hydroelectric dam, known for supplying all of the country’s local electricity needs and leaving excess for miners to utilize.
However, the announcement comes shortly after Paraguay’s national electricity grid operator, ANDE, announced plans to raise electricity costs for legal cryptocurrency miners.
