WINNIPEG, Manitoba, Saturday, July 27, 2024- HIVE Digital Technologies Ltd. It announced on July 23 that it was expanding its Bitcoin mining operations into Paraguay.
HIVE’s announcement can be read here.
The new facility, expected to consume 100 megawatts of electricity, will double HIVE’s mining capacity.
The company says it plans to source power from the Itaipu hydroelectric dam.
HIVE Digital Technologies is a Canadian-based cryptocurrency mining company that has been expanding its global footprint.
The firm owns and operates several large-scale data centers across multiple jurisdictions, including Canada, Sweden, and Iceland.
HIVE’s focus on renewable energy sources and its strategic expansion into Paraguay highlights its commitment to sustainable and cost-effective Bitcoin mining operations.
Paraguay has emerged as an attractive destination for Bitcoin mining due to its abundant hydropower resources. However, the country recently increased electricity rates for cryptocurrency miners, potentially impacting profitability.
The country’s Itaipu hydroelectric dam, one of the world’s largest, provides a stable and renewable energy source.
Despite this, Paraguay’s government appears supportive of the sector, recognizing its potential to contribute to economic growth.
