As geopolitical tensions continue to influence the cryptocurrency mining landscape, many crypto-focused organizations, including Bitcoin (BTC) mining companies, are considering a return to the United States. However, amidst this trend, HIVE Digital Technologies is setting its sights on the untapped potential of the Latin American market, particularly in Paraguay.

In an exclusive interview with Cointelegraph, Aydin Kilic, the president and CEO of HIVE Digital Technologies, highlighted the long-term opportunities that Paraguay presents. Kilic emphasized that Paraguay offers geopolitical stability, low-cost hydro energy, and a government that is welcoming to foreign investment. This favorable environment has prompted HIVE to invest in the region.

HIVE Digital Technologies recently made a significant acquisition by purchasing Bitfarms' 200 MW Yguazú facility for $56 million. The company completed the Phase 1 infrastructure of a 100 MW data center at the site in April, which supports 5 EH/s of Application-Specific Integrated Circuit (ASIC) mining. HIVE's ambitious plans include expanding to 300 megawatts of mining facilities in Paraguay by 2025, with a goal to increase the hashrate to 25 exahash per second (EH/s) by September.

Despite initial concerns about a proposed ban on crypto mining in Paraguay due to electricity supply issues, Kilic reassured that HIVE has been actively engaging with policymakers to support clarity and cooperation in mining legislation. The company has been focused on building strong relationships with local stakeholders, investing in local hiring, training programs, and vendor partnerships to create a supportive ecosystem that enhances operational efficiency while keeping costs stable.

In a strategic move to diversify its operations and mitigate geopolitical risks, HIVE has data centers in Canada, Sweden, and now Paraguay. The company is also relocating its headquarters to San Antonio, Texas, to establish a balanced footprint across North and South America. Kilic emphasized the importance of global diversification to ensure resilience against geopolitical uncertainties and trade policy shocks.

To navigate the evolving landscape of Bitcoin mining profitability, Kilic views it as a physics equation that hinges on optimizing capital and operational expenses. He stressed the significance of controlling variables like operational costs, power expenses, and machine uptime to drive predictable outputs. By focusing on energy efficiency, minimizing downtime, and practicing disciplined treasury management, HIVE aims to maximize profitability and navigate market uncertainties effectively.

Overall, HIVE Digital Technologies' strategic initiatives in Paraguay and its global diversification efforts underscore its commitment

Source: https://cointelegraph.com/news/hive-digital-expands-bitcoin-mining-paraguay-latam?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound