Hive Digital Expands Bitcoin Mining Operations in Paraguay
According to Binance, Canadian Bitcoin mining giant Hive Digital has announced a significant expansion of its operations in Paraguay. The company is investing $60 million to acquire 13,480 Bitmain Antminer S21+ Hydro mining machines. These new additions will collectively provide a total computing power of 4.3 exahashes per second (EH/s), which accounts for approximately 2% of the global Bitcoin network's hash rate.
The strategic move includes an option for Hive to purchase additional machinery that could increase their capacity by another 4.3 EH/s, potentially bringing their total computing power up to 15 EH/s by summer 2025. This ambitious expansion is expected to boost Hive’s annual revenue beyond $300 million, with projected mining profits reaching around $200 million annually.
The decision to expand into Paraguay was influenced by several factors, including access to affordable green energy from the Itaipu Hydroelectric Dam and favorable business conditions such as low tax rates and supportive policies towards foreign investments. These elements make Paraguay an attractive location for Hive's growing operations.
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