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HIVE Digital Technologies, a prominent Bitcoin mining company, is expanding its operations to Paraguay by building a 100-megawatt mining facility. This move comes after HIVE executives toured the country and met with President Santiago Peña and senior cabinet ministers, recognizing the “huge potential for growth” in Paraguay. The company aims to secure clean energy from Paraguay’s Itaipu hydroelectric dam, which has become popular among Bitcoin miners due to its excess electricity supply. Once completed, the new site is expected to more than double HIVE’s mining hashrate, increasing it from 5.6 exahashes per second to 12.1 EH/s.
However, the timing of this announcement coincides with Paraguay’s state-run electricity grid operator’s decision to increase electricity costs for legal cryptocurrency miners. Despite this challenge, HIVE estimates that its 100-megawatt facility will generate over $100 million for the National Power Administration (ANDE) over the next three years. The company also plans to hire employees locally, fostering economic growth and innovation in the region. https://www.floridabluefl.com
While the agreement between HIVE and the Paraguayan government is still subject to final approvals and due diligence, this expansion represents a significant milestone for the company’s decentralization strategy. As other Bitcoin mining companies face power fee increases, HIVE’s move into Paraguay demonstrates its commitment to sustainable growth and clean energy mining. Penguin Group, another Bitcoin miner in the country, has already started migrating to Brazil due to similar power hikes
Topic: [2024-07-26] Hive Announces Plans to Move Into Paraguay ... (Read 99 times)
Hive Announces Plans to Move Into Paraguay Amidst Bitcoin Mining Power Hike Turmoil
Hive Digital, a public green bitcoin mining company, announced plans to build a 100MW site in Paraguay, having connected with President Santiago Peña and his cabinet. Hive stated that stability in government fiscal policies, such as energy pricing and taxation, will be a key factor in the expansion and completion of these plans, likely referring to the recent power fee hike that has affected companies in the bitcoin mining industry.
Hive Announces Plans for Building 100MW Bitcoin Mining Site in Paraguay
Paraguay keeps attracting Bitcoin mining companies. Hive Digital, a Canada-based, Nasdaq-listed bitcoin mining company with operations in Canada, Sweden, and Iceland, has announced plans to establish a bitcoin mining site in Paraguay. The company aims to secure 100MW of clean energy produced in the Itaipu hydroelectric dam, having already connected with Paraguay’s president Santiago Peña and his senior cabinet.
In a press statement, Hive Executive Chairman Frank Holmes stated that the company expected to add 6.5 Exahash per second to its total mining power, increasing it to 12.1 EH/s. Holmes considers this development a milestone in Hive’s policy of expansion and decentralization of its operations.
Hive stressed that “stability in government fiscal policies, such as energy pricing and taxation, will be a key factor in our future expansion considerations relating to continued growth in Paraguay.” Bitcoin mining companies in Paraguay are being hit by a 14% power fee increase enacted by the National Power Administration (ANDE), affecting the economic feasibility of their operations in the country. However, Peña disregarded the miners’ claims, stating this would only affect their operative margins.
Hive highlighted that this new site will allow the Paraguayan government to perceive $100 million during the next three years. While the agreement between Hive and the Paraguayan government is in an advanced state, it is still incomplete. Hive General Legal Counsel Gabriel Ibghy stressed that while they had made “significant progress in identifying the data center site and securing construction and power supply contracts,” the transaction was still subject to final approvals and due diligence.
Penguin Group, which has bitcoin mining operations in the country, started migrating to Brazil, having recently secured 400MW due to the mentioned power hikes.
Source: https://news.bitcoin.com/hive-announces-plans-to-move-into-paraguay-amidst-bitcoin-mining-power-hike-turmoil/
Hive Digital, a public green bitcoin mining company, announced plans to build a 100MW site in Paraguay, having connected with President Santiago Peña and his cabinet. Hive stated that stability in government fiscal policies, such as energy pricing and taxation, will be a key factor in the expansion and completion of these plans, likely referring to the recent power fee hike that has affected companies in the bitcoin mining industry.
Hive Announces Plans for Building 100MW Bitcoin Mining Site in Paraguay
Paraguay keeps attracting Bitcoin mining companies. Hive Digital, a Canada-based, Nasdaq-listed bitcoin mining company with operations in Canada, Sweden, and Iceland, has announced plans to establish a bitcoin mining site in Paraguay. The company aims to secure 100MW of clean energy produced in the Itaipu hydroelectric dam, having already connected with Paraguay’s president Santiago Peña and his senior cabinet.
In a press statement, Hive Executive Chairman Frank Holmes stated that the company expected to add 6.5 Exahash per second to its total mining power, increasing it to 12.1 EH/s. Holmes considers this development a milestone in Hive’s policy of expansion and decentralization of its operations.
Hive stressed that “stability in government fiscal policies, such as energy pricing and taxation, will be a key factor in our future expansion considerations relating to continued growth in Paraguay.” Bitcoin mining companies in Paraguay are being hit by a 14% power fee increase enacted by the National Power Administration (ANDE), affecting the economic feasibility of their operations in the country. However, Peña disregarded the miners’ claims, stating this would only affect their operative margins.
Hive highlighted that this new site will allow the Paraguayan government to perceive $100 million during the next three years. While the agreement between Hive and the Paraguayan government is in an advanced state, it is still incomplete. Hive General Legal Counsel Gabriel Ibghy stressed that while they had made “significant progress in identifying the data center site and securing construction and power supply contracts,” the transaction was still subject to final approvals and due diligence.
Penguin Group, which has bitcoin mining operations in the country, started migrating to Brazil, having recently secured 400MW due to the mentioned power hikes.
Source: https://news.bitcoin.com/hive-announces-plans-to-move-into-paraguay-amidst-bitcoin-mining-power-hike-turmoil/
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