HIVE sees Paraguay as a long-term partner for its stability and low-cost energy
The post HIVE sees Paraguay as a long-term partner for its stability and low-cost energy appeared on BitcoinEthereumNews.com.
Several crypto-focused organizations — including Bitcoin (BTC) mining companies — are eyeing a US return, primarily driven by uncertain geopolitical tensions. Still, BTC miner Hive Digital Technologies is doubling down on the untapped potential of the Latin American (LATAM) market. In an exclusive interview with Cointelegraph, Hive Digital Technologies’ president and CEO, Aydin Kilic, said that Paraguay presents a compelling long-term opportunity equipped with “geopolitical stability, low-cost hydro energy, and a government open to foreign investment”. Picking up from where Bitfarms left off Hive acquired Bitfarms’ 200 megawatt (MW) Yguazú facility for $56 million in January. Phase one infrastructure of a 100 MW data center at the site was completed in April, supporting five exahashes per second (EH/s) of application-specific integrated circuit (ASIC) mining. Hive plans to expand to 300 MW of mining facilities in Paraguay in 2025. It aims to increase its hashrate to 25 EH/s by September. Related: Bitfarms sells Paraguay site to Hive for $85M, refocuses on US The CEO said Hive has spent over a year cultivating strong, cooperative relationships with local stakeholders in Paraguay. “We are investing in local hiring, training programs and strong vendor partnerships. Our goal is to create a local ecosystem of support that keeps costs stable while boosting uptime and efficiency,” he added. While there was a proposed ban on crypto mining in Paraguay due to the pressure it poses on the country’s electricity supply and potential rising electricity prices, Aydin said that their team is actively involved with policymakers to support clarity and cooperation in mining legislation. Hive embraces global diversification to hedge against geopolitical risks Hive has data centers in Canada, Sweden and Paraguay. Contrasting with its ongoing LATAM expansion, the miner is relocating its headquarters to San Antonio, Texas. “Our growing presence in North and South America creates…
Filed under: News - @ May 8, 2025 1:22 am