Hive Digital Expands Bitcoin Mining Operations In Paraguay

According to PANews, Canadian Bitcoin mining giant Hive Digital has announced a significant expansion of its Bitcoin mining operations in Paraguay. The company has invested $60 million to acquire 13,480 Bitmain Antminer S21+ Hydro mining machines, which will collectively provide a total computing power of 4.3 exahashes per second (EH/s). This capacity represents 2% of the global Bitcoin network's total hash rate. Additionally, Hive has secured an option to purchase machines with an additional 4.3 EH/s capacity, which, if fully exercised, would increase their total computing power to 15 EH/s by the summer of 2025. Hive Digital anticipates that upon completion of this expansion, the company's annual revenue will exceed $300 million, with mining profits projected to reach $200 million. The decision to expand in Paraguay is driven by the country's access to affordable green energy from the Itaipu Hydroelectric Dam, as well as its business-friendly policies and low tax rates, which make it an attractive investment destination for Hive.