![Paraguay Paraguay](https://cdn-www.bnamericas.com/img/flags/PARAGUAY.jpg)
Canada’s Hive to develop 100MW datacenter in Paraguay
![Canada’s Hive to develop 100MW datacenter in Paraguay](https://cdnimg.bnamericas.com/oRMRxkyjnNfQgGBRofZyYBRNPooepJtmSeCtLvgTPneOTaSrhxVNDmNvrBUTWWPa.jpg)
Canadian crypto mining group Hive Digital Technologies plans to build a 100MW datacenter in Paraguay to leverage hydro power produced at the massive Itaipu dam.
The project was confirmed following meetings held between Hive executives and senior Paraguayan officials – including President Santiago Peña, who has sought to make the country a hub for foreign tech investments.
“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 datacenter operations in Canada, Sweden, Iceland and now Paraguay,” Hive’s chairman Frank Holmes said in a release.
Exahash is a unit for hash rates, which are used in data mining to measure the combined computing power of a cryptocurrency network.
One exahash is equal to one quintillion hashes per second. This means 688 quintillion guesses are being submitted to the blockchain every second.
Hive did not provide details as to schedule or to projected capex for the site.
However, it said the datacenter is expected to generate more than US$100mn in revenue for state power company Ande over the next three years.
Hive also said it has identified the datacenter site and advanced in securing construction and power supply contracts.
The transaction is subject to final agreements, due diligence, board approval and regulatory approvals, details of which it plans to announce soon.
The company added that future expansions in Paraguay will depend on "stability in government fiscal policies" such as energy pricing and taxation.
Hive said that it will hire locally, generating thousands of jobs, and offer grid balancing and demand response to support industrial development, while monetizing surplus or under-monetized power assets.
“Additionally, as the company's energy bills will be paid in US dollars, its operations in Paraguay offer a unique opportunity for the government by providing stable monthly US dollar income, acting as a strategic currency hedge, and ensuring financial stability in an increasingly volatile global currency market,” the company said.
In 2023, electricity constituted 13.2% of Paraguay's total exports, it added.
FOOTPRINT
Hive said it prioritizes its datacenters in cold climates with access to low-cost renewable/green energy, hence the choice of Canada, Sweden, Iceland and – due to the energy factor – Paraguay. The 14GW Itaipu plant is shared 50:50 with Brazil.
In Canada, the company runs a large fleet of bitcoin miners (approximately 3 exahash/second) whereas in its Swedish facilities it operates a fleet of NVidia GPUs and servers focused on processing capacity for AI, machine-learning, and HPC workloads.
Hive reported annual revenues of US$115mn for its fiscal year ended March 31. During the period, the company said it mined 3,123 bitcoins and held 2,287 bitcoins worth US$161mn on its balance sheet at year-end.
The company said it increased its bitcoin mining hashrate by 57% in the fiscal year to 4.7 exahash from 3.0 exahash in March 2023.
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
News in: ICT (Paraguay)
![The factors that could propel Paraguay’s datacenter segment](https://cdn-www.bnamericas.com/img/sectors/ict_1.jpg)
The factors that could propel Paraguay’s datacenter segment
Renewable energy and fiber coverage are among factors market players see as local advantages.
![Project to implement satellite technology for data collection in Paraguay advances](https://cdn-www.bnamericas.com/img/sectors/ict_2.jpg)
Project to implement satellite technology for data collection in Paraguay advances
Project to implement satellite technology for data collection advances
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects in: ICT
Get critical information about thousands of ICT projects in Latin America: what stages they're in, capex, related companies, contacts and more.
- Project: Padre Hurtado Data Storage Center
- Current stage:
- Updated:
2 months ago
- Project: Puente Alto data center
- Current stage:
- Updated:
2 months ago
- Project: Bogota 1 Data Center
- Current stage:
- Updated:
2 months ago
- Project: Broadband Installation for Integral Connectivity and Social Development of the Puno Region
- Current stage:
- Updated:
2 months ago
- Project: Celia CETC submarine cable
- Current stage:
- Updated:
2 months ago
- Project: Microsoft Data Center in Taquara Branca (Hortolândia Southwest)
- Current stage:
- Updated:
2 months ago
- Project: Microsoft Data Center in Sumaré
- Current stage:
- Updated:
2 months ago
- Project: Microsoft Data Center in Chácaras Recreio Alvorada (Hortolândia Northwest)
- Current stage:
- Updated:
2 months ago
- Project: Broadband Installation for Integral Connectivity and Social Development of the La Libertad Region
- Current stage:
- Updated:
2 months ago
- Project: Broadband Installation for Integral Connectivity and Social Development of the Ancash Region
- Current stage:
- Updated:
2 months ago
Other companies in: ICT
Get critical information about thousands of ICT companies in Latin America: their projects, contacts, shareholders, related news and more.
- Company: Evolución en Cómputo S. A.  (Evocom)
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
- Company: Hyundai Mobile Colombia
- Company: ERM Brasil Ltda.  (ERM Brasil)
-
The description included in this profile was taken directly from an official source and has not been modified or edited by the BNamericas’ researchers. However, it may have been...
- Company: Alibaba Cloud Computing Limited  (Alibaba Cloud)
-
The description included in this profile was taken directly from an official source and has not been modified or edited by the BNamericas’ researchers. However, it may have been...
- Company: SETAR N.V.
- Company: Megaport
- Company: Uber Technologies Inc.  (Uber)
-
Uber Technologies, Inc. is a San Francisco-based company that provides ground transport e-commerce services. Through the company's website and app, the user can request a car an...