HIVE Digital Technologies Ltd has announced plans to construct a a 100MW digital asset mining operation in Paraguay utilizing clean energy from the Itaipu hydroelectric dam. This project aims to double the company’s revenue and increase its hashrate to over 12 exahash per second (EH/s) within the next year.

After meetings with Paraguayan President Santiago Peña and senior cabinet ministers, HIVE has endorsed Paraguay’s business-friendly environment. The data centre will be powered by hydropower, adding up to 6.5 EH/s to HIVE’s Bitcoin mining operations and raising its global EH/s to 12.1.

Frank Holmes, HIVE’s Executive Chairman, emphasized the project’s alignment with the company’s growth strategy and commitment to sustainable operations. “This represents a significant milestone in our diversified growth strategy and supports our commitment to expanding our global footprint with data center operations in Canada, Sweden, Iceland and now Paraguay. We are confident that this venture can deliver healthy returns and drive long-term value, fostering economic growth and innovation in the region,” he said

Stability in energy pricing and taxation will influence HIVE’s further expansion in Paraguay. The project aims to create local jobs and support regional economic growth. By paying energy bills in U.S. dollars, HIVE’s operations will provide a stable income stream and act as a currency hedge for the Paraguayan government.

Executive Chairman Frank Holmes, COO Luke Rossy, Hive Sweden President Johanna Thornblad, and General Legal Counsel Gabriel Ibghy were part of the scoping trip to Paraguay. The company is finalizing site identification and securing construction and power supply contracts, pending final agreements, due diligence, board approval, and regulatory clearances. Further details will be announced soon.