Hive Digital Completes Site Development in Paraguay, Achieves Hashrate Milestone

Digital Hive has completed the second phase of development for its mining site in Yguazú, Paraguay, reporting an increase in its hashrate to 18 EH/s. Luke Rossy, Hive’s COO, emphasized that this goal was achieved in record time, with the company entering Paraguay in June 2024.

Hive Digital Thrives in Paraguay, Reaches Bitcoin Mining Milestone in Record Time

Hive Digital, a blockchain and artificial intelligence (AI) infrastructure data center operator, reported the completion of the second phase of its bitcoin mining site at Yguazú, Paraguay. In a recent press release, Hive Digital stated that it had reached a mining hashrate of 18 EH/s, allowing it to mine over 8.5 $BTC per day.

The company highlighted that the whole operation, comprising 200MW, is powered by hydroelectric energy coming from the Itaipu dam, one of the largest of its kind.

Hive stressed that the goals established for the Yguazú site had been reached faster than anticipated by the company, even though this is the largest installation operated by the organization.

Hive Yguazú’s site bitcoin mining operation is powered by Bitmain S21+ Hydro ASIC miners, which take advantage of advanced water-based cooling methods.

In addition, Hive Digital reported that work on the third phase of its Valenzuela site, another installation, was in an advanced state, with miners having recently shipped to the location and the 100MW already ready for usage.

This puts Hive Digital in a good position to reach its goal of breaking the 25 EH/s hashrate mark by Thanksgiving, allowing the company to mine an estimated 12 $BTC daily based on current difficulty numbers.

“Our focus remains unwavering: deliver strong and sustainable performance, drive sector-leading efficiency through superior capital returns and low G&A expenses, and create lasting value for our shareholders as we continue building resilient, decentralized Bitcoin infrastructure,” said Darcy Daubaras, Hive Digital’s CFO.

In March, Hive Executive Chairman Frank Holmes reinforced the relevance of Paraguay’s operations for the company’s expansion, specifying that it would increase production by 400% at the time.

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