Vancouver, Canada – HIVE Digital Technologies Ltd. (CVE: HIVE) (NASDAQ: HIVE) (FSE: YO0), a prominent cryptocurrency mining firm, announced on Tuesday the commencement of operations at its expansive 200-megawatt hydroelectric-powered Bitcoin mining facility located in the Iguazu region of Paraguay.
The company stated that the initial phase of the facility's launch has been successfully completed, with Bitcoin mining currently underway at an initial production rate of 100 petahash per second (PH/s). HIVE anticipates a steady ramp-up of its mining capacity in the coming weeks, with plans for the phased deployment of additional mining equipment over the next few months.
Luke Ross, Chief Operating Officer of HIVE, conveyed his satisfaction with the successful completion of the first phase of infrastructure build-out and testing at the Iguazu site. "Over 65% of the infrastructure required to accommodate more than 20,000 miners is now complete," he stated. "Civil works for the substation exit bay on-site have been finalized, and the schedule for equipment deliveries and installations remains on track."
Frank Holmes, Co-Founder and Chairman of HIVE, hailed the activation of the hydroelectric-powered facility as a pivotal milestone in the company's expansion. He emphasized that this achievement underscores HIVE's disciplined approach to infrastructure investment.
Leveraging Green Energy to Mitigate Environmental Concerns
Following the acquisition of the Paraguay mining facility in March 2025, a move that increased HIVE’s mining capacity by a substantial 317%, the company projects its effective hash rate to surge from 6 exahash per second (EH/s) to 25 EH/s by September.
This significant increase in hash rate is particularly notable as it allows HIVE to circumvent many of the environmental challenges commonly associated with Bitcoin mining. This aligns with the company’s commitment to sustainable mining practices as it expands its operations in Latin America. Paraguay, with its abundant hydroelectric resources, is increasingly becoming a hub for cryptocurrency mining operations seeking stable and low-cost power. The Itaipu Dam, one of the world's largest hydroelectric power plants located near the Iguazu region, provides a significant source of renewable energy for such ventures.
Chairman Holmes has consistently emphasized the company's focus on sustainable energy sources, including geothermal and hydroelectric power. He also highlighted the strategic pivot towards AI applications utilizing recycled GPUs following Ethereum's transition to a Proof-of-Stake consensus mechanism, with significant infrastructure growth planned throughout 2025. This diversification into AI computing represents a forward-thinking approach to maximizing the utility of their hardware assets.
Bitcoin Holdings and Mining Performance
In March 2025, HIVE mined 108 Bitcoin, increasing its total holdings to 2,201 Bitcoin. With Bitcoin currently valued at US$82,000 per coin, the company's total Bitcoin holdings are valued at approximately US$180 million.
The company noted a temporary 4% decrease in its annual Bitcoin holdings as Bitcoin proceeds were reinvested into long-term capital assets, specifically the new green energy-powered infrastructure in Paraguay. This strategic reinvestment underscores HIVE's commitment to long-term growth and operational efficiency.
HIVE reported an average hash rate of 6.3 EH/s and a mining efficiency of 20.7 joules per terahash (J/TH). The peak Bitcoin-equivalent hash rate reached 6.4 EH/s. HIVE’s average daily production was 3.5 Bitcoin, translating to a mining efficiency of 17.6 Bitcoin per exahash.
HIVE Digital Technologies Ltd. Overview: HIVE Digital Technologies is a Canadian-based cryptocurrency mining company focused on sustainable Bitcoin and other digital asset mining utilizing green energy sources. The company's strategic investments in renewable energy infrastructure, such as the Paraguay facility, position it as a leader in environmentally conscious cryptocurrency mining.
The activation of the Paraguay mining facility marks a significant step in HIVE's growth strategy and reinforces its commitment to sustainable, green energy-powered cryptocurrency mining. The stable and cost-effective power provided by the Iguazu region's hydroelectric resources is expected to enhance HIVE's operational efficiency and profitability in the competitive Bitcoin mining landscape.
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