Crypto miner HIVE Digital to double revenue with 100MW center in Paraguay

As a seasoned researcher with extensive experience in the cryptocurrency and mining industries, I find HIVE Digital’s latest expansion plans to build a 100MW Bitcoin mining center in Paraguay an intriguing development. The potential for increased revenue and hashrate is significant, with estimates suggesting an additional $100 million in stable U.S. dollar revenue for the Paraguayan government-owned utility company.


Hive Digital, a leading Canadian cryptocurrency mining company, has unveiled its intention to establish a large-scale mining facility with a capacity of 100 megawatts in Paraguay. This venture aims to significantly increase the organization’s earnings.

HIVE Digital, a crypto mining company, is planning to establish a large-scale Bitcoin (BTC) mining operation in Paraguay with a capacity of 100 megawatts. This expansion is projected to nearly double our current revenue and significantly boost our hashrate.

In a Monday press release, the Vancouver-headquartered miner said the crypto mining site will generate “over $100 million” of stable U.S. dollar revenue for Paraguay’s government-owned utility company. Commenting on the development, Frank Holmes, HIVE’s executive chairman said the deal is expected to add up to an “additional 6.5 Exahash per second” (EH/s) to the firm’s Bitcoin mining operations, boosting its global resources to 12.1 EH/s.

“Reaching this achievement is a major step forward in our multi-faceted expansion plan and underscores our dedication to broadening our presence worldwide by establishing data centers in Canada, Sweden, Iceland, and most recently, Paraguay.”

Frank Holmes

HIVE Digital announced an extra acquisition of 500 Bitmain S21 Pro Antminers in conjunction with their expansion. According to HIVE‘s COO, Luke Rossy, this purchase is essential to keep up with monthly equipment upgrades. The miners are projected to be delivered toward the end of July, and once installed, HIVE aims to boost its operational hashrate to 5.6 EH/s in total.

Around the beginning of July, HIVE Digital announced a growth in their Bitcoin holdings to approximately 2,503 coins. This represented a nearly 2.5% expansion from the prior month. During June, HIVE successfully mined 119 Bitcoins, keeping pace with their output from May. Posting these figures, HIVE Digital’s stock price (HIVE) experienced a significant increase of over 13% on Nasdaq, peaking at $4.15 based on information from Google Finance.

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2024-07-22 12:32