Hive Digital Completes Site Development in Paraguay, Reaches Hashrate Milestone
Hive Digital Thrives in Paraguay, Reaches Bitcoin Mining Milestone in Record Time
Hive Digital, a blockchain and artificial intelligence (AI) infrastructure data center operator, has completed the second phase of construction at its Bitcoin mining facility in Yguazú, Paraguay. In a recent press release, Hive Digital stated that it has achieved a mining hashrate of 18 exahashes per second (EH/s), enabling it to mine over 8.5 bitcoins per day.
The company emphasized that the entire operation, including its 200MW of electricity, is powered by hydropower from the Itaipu Dam, one of the largest of its kind.
Hive emphasized that despite being the company's largest facility, the goals set for the Yguazú site have been achieved faster than the company expected.
The Bitcoin mining operation at Hive's Yguazú facility is powered by Bitmain S21+ Hydro ASIC miners, which utilize advanced water cooling.
Additionally, Hive Digital reported that phase three work at its Valenzuela site is in advanced stages, with the mining machines already delivered and 100MW of electricity ready for operation.
This puts Hive Digital in a strong position to reach its goal of 25 EH/s hashrate by Thanksgiving, enabling the company to mine approximately 12 bitcoins per day at current difficulty levels.
“Our focus remains unwavering: to achieve strong and sustainable performance, drive industry-leading efficiencies through superior returns on capital and low general and administrative expenses, and create lasting value for our shareholders as we continue to build resilient, decentralized Bitcoin infrastructure,” said Darcy Daubaras, CFO of Hive Digital.
In March, Hive Executive Chairman Frank Holmes reiterated the importance of the Paraguayan operation to the company’s expansion, noting that production was set to increase by 400% at the time.
