Business

HIVE Digital to build 100 MW Bitcoin mining center using hydropower from Itaipu

HIVE Digital to build 100 MW Bitcoin mining center using hydropower from Itaipu

HIVE Digital Technologies Ltd., a digital asset miner and data center builder and operator, will construct a 100 MW digital asset mining operation in Paraguay, powered by hydroelectricity from the 14 GW Itaipu project.

With global demand for Bitcoin on the rise, and the successful launch of U.S.-based ETFs Bitcoin has become adopted and emerges as an attractive alternative asset for investors.

“We are thrilled to announce our plan for a 100 MW project in Paraguay, utilizing green and clean energy sourced from the Itaipu hydroelectric dam,” said Frank Holmes, HIVE’s executive chairman. “This potential opportunity is expected to add up to an additional 6.5 Exahash per second (EH/s) to our Bitcoin mining operations, increasing our global EH/s to 12.1 EH/s. This represents a significant milestone in our diversified growth strategy and supports our commitment to expanding our global footprint with data center operations in Canada, Sweden, Iceland and now Paraguay.”

Infrastructure projects such as data centers require significant foreign direct investment and a large project, such as a 100 MW data center, is expected to generate over US$100 million of stable revenue for the government’s utility company over the next three years, according to a release. In Paraguay, HIVE will offer its experience and expertise in grid balancing and demand response to support continued industrial development, while monetizing surplus or under-monetized power assets.

HIVE is a Canadian public company and is committed to full transparency and community engagement, creating local jobs and providing a stable income stream that benefits the national economy, according to a release.

HIVE went public in 2017 as the first cryptocurrency mining company listed for trading on the TSX Venture Exchange with a focus on sustainable green energy.

This isn’t the first cryptocurrency miner to locate near Itaipu. The hydroelectric powerhouse at Itaipu Dam has an installed generation capacity of 14 GW and is the second largest hydroelectric plant in the world by annual production.

In November 2023, Hydro Review reported that Marathon Digital Holdings Inc. launched its second international deployment with a 27 MW bitcoin mining project in Paraguay that is completely powered by renewable, hydro energy.