“Hive Digital Chairman Frank Holmes said the company hopes to expand its capacity by more than 400% with its initiative in Paraguay that provides sufficient hydropower energy for the company to run.
Paraguay’s Hive Digital Hypes 400% expansion
Hive Digital, one of the world’s largest Bitcoin miners, has announced major plans for its activities in Paraguay. At the street roundtable, Hive Digital Executive Chairman Frank Holmes revealed the future steps for a South American country company known for its abundant hydropower resources.
Holmes described the operation as expanding its operations extensively, increasing Paraguay one of the most relevant foundations and the operational capabilities of Hive Digital by 400%.
He said:
It will rise above 400%. You had to think we were going to have triplets over the next nine months when we build Paraguay where we have a hydroelectric surplus.
Furthermore, Holmes explained that Paraguay provided the necessary conditions for the company to grow, as the government would benefit greatly from the establishment of a domestic Bitcoin mining company. The energy surplus from Itaimu, which would otherwise be sold to Brazil at a lower cost, is sold to Brazil at a higher cost and to Bitcoin companies paying dollars at a higher rate.
“We’re actually a great engine for the government because they get paid US dollars each month for that electricity. We help build infrastructure within our community,” Holmes said.
Hive Digital announced its gateway to Paraguay in July amid the enactment of a power rate hike directed at Bitcoin miners as the government aimed to significantly reduce these activities in Paraguay’s soil. This made some companies consider abandoning the country. It emphasizes that rising prices practice practices of national activities.
Read more: Hive announces plans to move to Paraguay amid Bitcoin Mining Power Hiking chaos
At the time, President Santiago Pena said he would not be discouraged from continuing his activities in Paraguay, while lowering the margins that decisions can be obtained.
Read more: Paraguayan President dismisses complaints about power rate hikes from Bitcoin mining companies and claims high profit relics
