Hive Digital Expands Bitcoin Mining Operations in Paraguay
Hive Digital has announced the successful completion of the second phase of its bitcoin mining facility located in Yguazú, Paraguay. This advance has resulted in an increased mining hashrate of 18 EH/s, enabling the operation to extract over 8.5 BTC daily. The company entered the Paraguayan market in June 2024, and according to Luke Rossy, the Chief Operating Officer, achieving these targets in such a short timeframe underscores their operational efficiency.
Yguazú Site and Hydroelectric Power
The Yguazú site, which features a total operational capacity of 200 megawatts (MW), is significantly powered by hydroelectric energy supplied by the Itaipu dam, renowned for being one of the world’s largest hydroelectric facilities. Hive utilizes Bitmain S21+ Hydro ASIC miners for its operations, which leverage an innovative water-based cooling system to enhance efficiency.
Future Developments at Valenzuela Site
Moreover, Hive Digital is progressing with the development of its Valenzuela site, which is also in Paraguay. Currently, the installation of 100 MW is prepared for use, and new mining units have been shipped to the site, pushing the company closer to its ambitious target of achieving a hashrate greater than 25 EH/s by Thanksgiving. This potential growth would allow for the mining of an estimated 12 BTC each day given the current mining difficulty.
Commitment to Shareholders
Darcy Daubaras, Hive Digital’s Chief Financial Officer, reaffirmed the organization’s commitment to creating enduring value for shareholders while maintaining a focus on operational excellence. Earlier this year, Frank Holmes, the Executive Chairman, highlighted the strategic importance of their operations in Paraguay, predicting a remarkable 400% production increase due to the expansion efforts.
