Hive Digital Technologies to Establish Major 100MW Digital Asset Mining Operation in Paraguay
Vancouver, Canada
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July 24, 2024 11:27 AM Eastern Daylight Time
Hive Digital Technologies Executive Chairman Frank Holmes joined Steve Darling from Proactive to share exciting news about the company's ambitious plans to build a 100-megawatt digital asset mining operation in Paraguay. Following a comprehensive tour of the country and meetings with President Santiago Peña and his senior cabinet ministers, the company has identified Paraguay as a business-friendly environment that aligns with its vision.
Holmes highlighted that this potential project is expected to significantly boost Hive's Bitcoin mining operations, potentially adding up to an additional 6.5 Exahash per second (EH/s). This increase would raise Hive's global mining capacity to 12.1 EH/s, marking a substantial milestone in the company's diversified growth strategy. This expansion supports Hive's commitment to broadening its global footprint, which already includes data center operations in Canada, Sweden, Iceland, and now Paraguay.
In Paraguay, Hive Digital Technologies plans to leverage its extensive experience and expertise in grid balancing and demand response to support ongoing industrial development. By monetizing surplus or under-utilized power assets, the company aims to provide significant economic benefits. Additionally, with energy bills being paid in U.S. dollars, Hive's operations in Paraguay present a unique opportunity for the government. This arrangement ensures stable monthly U.S. dollar income, acting as a strategic currency hedge and contributing to financial stability in the face of a volatile global currency market.
In 2023, electricity exports accounted for approximately 13.2% of Paraguay's total exports. Hive's new operation is poised to enhance this figure further, underscoring the country's growing importance in the global energy and digital asset sectors. The company's commitment to sustainable and innovative energy solutions positions it as a key player in Paraguay's industrial and economic development.
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