HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE), a global cryptocurrency mining company, is shining a spotlight on its operations in Paraguay with the premiere of a short film highlighting the company’s use of renewable energy and its integration into local communities.
“We operate globally with renewable energy. That’s what made Paraguay so attractive to us, because they had this unique situation where they had all this untapped energy and potential,” said Luke Rossy, COO of HIVE.
Paraguay’s energy landscape is dominated by hydroelectric power, with the Itaipu Dam, one of the largest hydroelectric facilities in the world, at its core. Gabriel Lamas, country president of HIVE’s Paraguay operations, emphasized the importance of the country’s rivers for both trade and energy production. “Paraguay has a hydroelectric matrix that is basically made up of 100% hydroelectric power. When we talk about Itaipu, we’re talking about clean energy.”
Itaipu’s maximum capacity is 14,000 megawatts, according to Lamas, and HIVE uses around 300 MW, or about half of a single turbine.
HIVE executives highlighted the scale and sophistication of the dam. “It took 14 years to build, it took 40,000 workers to build 10 gigawatts of harnessing water to make electricity,” said Frank Holmes, executive chairman.
Ayden Kilic, HIVE’s CEO, added: “It’s physics and engineering, but there’s almost like a philosophical thread to it all. We’re using hydro electricity… water cooled through hydro cooling infrastructure. It’s a really beautiful integration of water and electricity working in harmony to secure the Bitcoin Blockchain.”
HIVE also disclosed strong operational metrics. Kilic noted, “We recently cited in our press release that we’re at a million dollars a day of run rate revenue, which is amazing. That number will be closer to $500 million once we’re at 25x a hash, almost 12 Bitcoin a day. Our fleet average global efficiency will be 17.5 joules per terahash.”
Holmes emphasized the company’s economic impact on Paraguay, saying, “We will become the largest payer of US dollars for this country every month.”
Beyond energy and financial contributions, HIVE is investing in local communities. “We always make an effort to give back to the community,” Kilic said. “We are basically renovating the schools here… We’ve electrified 18 other rural schools as well in the region, just so that they have lighting and electrification. These sorts of initiatives are very much symbolic of how HIVE likes to do business.”
HIVE, one of the longest-standing cryptocurrency miners globally, said its Paraguay operations reflect its commitment to sustainable energy, technological innovation, and community engagement.
