PANews reported on December 4 that Canadian Bitcoin mining giant Hive Digital announced that it will massively expand its Bitcoin mining business in Paraguay. The company purchased 13,480 Bitmain Antminer S21+ Hydro mining machines for $60 million, with a total computing power of 4.3 EH/s, accounting for 2% of the global Bitcoin network computing power. Hive also obtained the option to purchase an additional 4.3 EH/s mining machine. If all options are exercised, the computing power will reach 15 EH/s in the summer of 2025.
Hive said that after the expansion is completed, the company's annual revenue is expected to exceed US$300 million, and mining profits will reach US$200 million. Paraguay attracted Hive's investment because of its cheap green energy based on the Itaipu Hydropower Station, pro-business policies and low tax rates.
