Paraguay’s Hydro Power Fuels Hive’s Bold Expansion in Bitcoin Mining

As global crypto companies reconsider their U.S. strategies due to rising geopolitical tensions, Hive Digital Technologies is betting on Latin America — specifically Paraguay — as its next growth frontier.

CEO Aydin Kilic highlighted Paraguay’s political stability, low-cost hydro energy, and openness to foreign investment as reasons for the move. Hive recently acquired Bitfarms’ 200 MW Yguazú facility for $56 million, completing the first 100 MW phase in April. The company plans to scale to 300 MW and 25 EH/s by 2025.

Hive has spent over a year building local partnerships, launching training programs, and hiring locally to support long-term operations. While Paraguay has debated mining restrictions due to energy concerns, Hive is working with policymakers to shape a supportive regulatory environment.

Despite its LATAM focus, Hive is also moving its headquarters to San Antonio, Texas.

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With sites in Canada, Sweden, and now Paraguay, Kilic says the company is diversifying geographically to hedge against global risks. Hive has also secured diversified ASIC supply lines, long-term power deals, and expanded engineering capacity across continents.

According to Kilic, mining success is rooted in managing core variables: costs, power use, and machine uptime. “Whether you run one rig or ten thousand, it’s about efficiency and discipline,” he said.

Alexander Zdravkov