Mining in Paraguay is advancing with the Yguazú project
U.S.-based Bitcoin mining firm HIVE Digital Technologies (HIVE) announced the completion of the second phase of its Yguazú project in Paraguay.
According to the report published on September 3, the company concluded a stage and installed the last Bitmain Antminer S21+ Hydro ASIC equipment at its Yguazú mining center.
With this, HIVE exceeded the goal of 18 exahashes per second (EH/s) of computing capacity (hashrate) globally.
According to HIVE, the growth in Yguazú allowed the company to mine more than 8.5 bitcoin (BTC) daily during the last week. That amount is equivalent to $6.6 million at the current value of BTC.
With the addition of 200 megawatts (MW) of capacity in Paraguay, the company reports an overall efficiency of its fleet close to 18.5 joules per terahash (J/TH), an indicator that measures the relationship between energy consumption and available computing power.
This entire operation is powered by renewable energy from the Itaipu hydroelectric dam, the largest in the Western Hemisphere, as reported by CriptoNoticias at the beginning of this HIVE development.
Next goal: the third phase in Valenzuela
HIVE’s expansion plan does not stop in Yguazú. As explained by the company, the third phase in the city of Valenzuela is already advancing.
This project will add another 100 MW of electrical infrastructure and will allow the installation of new ASICs, most of which have already been paid for and shipped to the country.
The company expects to complete construction in Valenzuela by the end of November. HIVE projects to reach a total capacity of 25 EH/s and produce approximately 12 bitcoin daily, which would represent around “3% of the global processing power of the network” (at current value).
Luke Rossy, chief operating officer, noted that the Yguazú complex is the largest Bitcoin mining facility the company has built to date and managed to get up and running in record time.
The report also indicates that the capital and operating expenses associated with this expansion are already contemplated in the annual budget. Electricity costs scale proportionally to the number of machines in operation and remain within the company’s current expense structure.
With the completion of Yguazú and the advance of Valenzuela, Paraguay is consolidated as one of the main centers of HIVE’s strategy to mine bitcoin, supported by its access to abundant and renewable hydroelectric energy.
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