One of Canada’s largest miners, HIVE Digital Technologies, said plans to expand the company’s operations in Paraguay emerged after meetings with the country’s president, Santiago Pena. The decisive factor in choosing the location for the new mining site was the government’s stable fiscal policy, as well as transparent energy pricing.
“We are pleased to announce our plan to build a 100MW data center in Paraguay that will utilize green and clean energy from the Itaipu hydroelectric power plant. Additionally, we have purchased 500 additional S21 Pro Antminers as part of the expansion. The new data center is expected to add up to 6.5 EH/s to our Bitcoin mining operations, increasing the company’s global hashrate to 12.1 EH/s,” HIVE said.
HIVE’s administration clarified that the company will minimize its impact on the environment, and its activities in the country will contribute to the global transition to greener energy solutions for bitcoin mining. At the same time, the Paraguayan budget will receive more than $100 million in stable income over the next three years.
HIVE’s statement comes amid a growing conflict between the government and local mining companies over upcoming electricity tariff hikes. Jimmy Kim, a representative of the Chamber of Digital Assets Mining (Capamad), expressed concern that up to 70% of legal mining companies in Paraguay could cease operations due to a 16% increase in electricity tariffs.
Source: Bits
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