Hive Digital, the famous mining company from Canada, has just announced plans for a large-scale expansion in Paraguay with the acquisition of 13,480 new Bitcoin mining machines.
Project details
• Investment scale: The deal is worth over 60 million USD aimed at achieving a mining capacity of 4.3 exahash/second (EH/s), accounting for 2% of the global Bitcoin network.
• Long-term goal: Hive has the option to purchase an additional 4.3 EH/s and aims to reach a mining capacity of 15 EH/s by the summer of 2025.
Frank Holmes, Chairman of Hive Digital, stated that upon completion, the project could generate over 300 million USD in annual revenue and an estimated profit margin of over 200 million USD.
Why choose Paraguay?
Attracting mining companies thanks to:
• Green energy source: Hive will take advantage of cheap electricity from the Itaipu hydroelectric dam.
• Favorable business environment: Low tax policies and a government friendly to technology businesses.
• Benefits for the government: Paraguay sells electricity directly to Hive in exchange for USD payments, helping to protect the economy from inflation and currency fluctuations in the region.
Paraguay's direction
President Santiago Peña's government aims to make Paraguay a technology and cryptocurrency hub, competing with neighboring countries like Brazil and Argentina.
Conclusion: Hive Digital's project not only marks a major turning point in the mining industry but also opens up opportunities to promote sustainable economic development for Paraguay.