Hive Digital is set to increase its Bitcoin mining operations in Paraguay significantly, capitalizing on the country’s abundant hydroelectric resources. Chairman Frank Holmes mentioned that the capacity expansion exceeds 400%, emphasizing the strategic importance of Paraguay to the company’s growth.

Holmes also highlighted the benefits for the Paraguayan government, stating that they receive payments in U.S. Dollars for electricity supplied to Bitcoin miners. He noted that the Itaipu dam’s surplus energy will support local mining operations instead of being sold to Brazil at lower rates.