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Bitcoin Miner Hive Digital Reveals $60 Million Paraguay Expansion Push

Author: Content Editor
Canadian Bitcoin mining company Hive Digital has announced its plans to expand its operations in Paraguay by purchasing 13,480 units of new mining machines. The deal, priced at over $60 million, will help Hive secure 2% of the global Bitcoin network. The machines, Bitmain Antminer S21+ Hydros, have a hashrate capacity of 4.3 exahashes per second (EH/s), and the company has the option to purchase an additional 4.3 EH/s within a year. Hive aims to achieve a mining hashrate of 15 EH/s by the summer of 2025, which it believes will generate over $300 million in annualized revenue and more than $200 million in mining margin. By expanding in Paraguay, Hive takes advantage of the country's abundance of green energy and pro-business government, while also benefiting Paraguay by providing them with foreign currency and an inflation hedge. Paraguay is becoming increasingly attractive to Bitcoin miners due to its cheap, green electricity, and the government hopes to establish the country as a crypto hub and a center of integration in Latin America.

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