Hive Blockchain Technologies, a leading publicly traded crypto mining company, plans to expand its bitcoin mining operations in Paraguay. The company has purchased land to develop a new data center that is expected to increase its mining capacity by over 100%.
Hive Blockchain Technologies is significantly increasing its Bitcoin mining operations in Paraguay. The publicly traded crypto mining giant recently made an acquisition of land, preparing for a grand-scale development of a new data center. This move is expected to give the company over a 100% increase in its Bitcoin mining capacity.
Details of the Expansion
The company has made a land purchase deal in Paraguay, acquiring over 67,000 acres of land. This significant acquisition is aimed at the construction of a massive data center for mining operations. The new facility will take advantage of the country’s abundant hydroelectric power resources. It will be environmentally friendly, utilizing green energy generated from the Itaipu Hydroelectric Dam, which is the world’s second-largest hydroelectric plant.
Related: Hive Blockchain Advances into Paraguay Market with Bitcoin Mining Expansion
A Strategic Move by Hive
Hive Blockchain Technologies’ decision to expand its business in Paraguay is a strategic move. The country’s favorable conditions, such as low-cost electricity and the government’s positive stance towards cryptocurrencies, make it an attractive destination for crypto mining companies. Furthermore, Paraguay’s abundant hydroelectric power provides a sustainable and cost-efficient source of energy for mining operations.
Related: Canan's Growing North American Bitcoin Mining Operations with Hive
Hive’s move aligns with its sustainable energy goals. By using renewable energy for its Bitcoin mining operations, the company ensures a reduction in carbon emissions and contributes to a more sustainable crypto mining industry.
Impact on Hive’s Mining Capacity
Related: The Environmental Impact of Cryptocurrency Mining: Myths and Realities
With the new data center in Paraguay, Hive’s Bitcoin mining capacity is expected to increase dramatically. The company anticipates an increase of over 100% in its Bitcoin mining capacity with the establishment of the new facility. This expansion will significantly enhance the company’s ability to generate more Bitcoins and increase profitability.
As one of the leading crypto mining companies, Hive Blockchain Technologies continues to explore new frontiers in the industry. Its latest move in Paraguay not only reflects the company’s commitment to expand its operations but also its dedication to bolstering the industry’s sustainability.
