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HIVE Digital Technologies Plans Major Expansion in Paraguay

Alice by Alice
2025-03-16
in News
Cryptocurrency6

Cryptocurrency6

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HIVE Digital Technologies (HIVE), one of the largest Bitcoin miners, is making a significant move to expand its operations in 2025. The company plans to increase its hash rate by over 400%, and its expansion into Paraguay is a key part of this strategy. In an interview on TheStreet Roundtable, Frank Holmes, Executive Chairman of HIVE, explained the company’s vision for scaling its operations and how it plans to harness Paraguay’s surplus hydroelectric power to fuel its growth.

Ambitious Growth Plans

“We’re going to go up above 400%,” Holmes shared, emphasizing the scale of their expansion. He further elaborated that the company is projecting a significant increase in its mining output over the next nine months as it builds out its operations in Paraguay. This growth will be fueled by the country’s vast surplus of hydroelectric energy.

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Paraguay’s Hydroelectric Advantage

Paraguay’s energy landscape is uniquely favorable for Bitcoin mining, thanks to the Itaipu Dam. The dam, one of the largest hydroelectric plants in the world, generates more electricity than Paraguay consumes. This surplus power, which would otherwise go unused, is a key reason why HIVE is investing heavily in the region.

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“Paraguay doesn’t use that energy; they have to give it back to Brazil,” Holmes explained. “If they use it, they get US dollars. We’re actually a great engine for the government because they’re going to get paid US dollars every month for that electricity, and we help build out the infrastructure within the community.”

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Hash Rate and the Mining Advantage

In Bitcoin mining, hash rate is crucial—it represents the computational power used to solve cryptographic puzzles and secure the Bitcoin network. Holmes compared mining to car engines: “Do you have a four-cylinder engine or do you have an eight? And how many horsepower do you have?”

The higher the hash rate, the greater the mining power, and the key to increasing it lies in access to more energy and advanced mining chips. Holmes noted that the company’s efforts focus on optimizing both energy efficiency and power capacity. “We’re looking for those chips that are going to give us 25 miles per gallon, so they’re much more energy-efficient,” he said.

Paraguay: The Ideal Location for Mining

Paraguay’s hydroelectric energy offers HIVE a unique opportunity to operate in a region where power is not only abundant but also inexpensive. This makes it an ideal location for Bitcoin mining, which is notorious for its high energy consumption. Holmes highlighted that the Itaipu Dam’s size and its shared ownership between Paraguay and Brazil make it one of the most significant sources of renewable energy in the Western Hemisphere.

“The dam is so beautiful, Scott. It’s like five miles long. It’s the biggest in the Western Hemisphere and it’s 50/50 with Brazil,” Holmes commented, underscoring the scale and importance of this resource for HIVE’s operations.

Economic Benefits for Paraguay

HIVE’s expansion into Paraguay is poised to provide substantial economic benefits. By tapping into this abundant energy resource, HIVE will not only support its own operations but also contribute to the local economy. The Paraguayan government will receive US dollars for the electricity used in Bitcoin mining, and the project will help build critical infrastructure in the region.

In conclusion, HIVE Digital Technologies is making a strategic bet on Paraguay’s hydroelectric resources to power its ambitious expansion. The company’s plans to increase its hash rate by 400% could mark a significant step forward in its efforts to dominate the Bitcoin mining landscape in 2025.

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