HIVE Digital to Build 100MW Bitcoin Mining Facility in Paraguay Amid 14% Tariff Hikes, Brazil Exodus – Crypto News – Crypto News
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HIVE Digital to Build 100MW Bitcoin Mining Facility in Paraguay Amid 14% Tariff Hikes, Brazil Exodus HIVE Digital to Build 100MW Bitcoin Mining Facility in Paraguay Amid 14% Tariff Hikes, Brazil Exodus

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HIVE Digital to Build 100MW Bitcoin Mining Facility in Paraguay Amid 14% Tariff Hikes, Brazil Exodus – Crypto News

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11 months ago

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Paraguay has recently become a hub for bitcoin miners due to its cheap electricity, lax laws, and low taxes

Paraguay has recently become a hub for bitcoin miners due to its cheap electricity, lax laws, and low taxes.

However, the National Power Administration of Paraguay (ANDE) has announced a 14% increase in electricity tariffs, prompting many bitcoin mining companies to consider relocating to Brazil.

Leading the exodus is the Penguin Group, which has secured 400MW of power in Brazil and is threatening to relocate 150 jobs from Paraguay.

Despite this, Canadian cryptocurrency mining firm HIVE Digital has announced plans to build a 100MW mining center in Paraguay, leveraging electricity from the Itaipu Dam.

HIVE aims to double its revenue and increase its hashrate to over 12 exahash in the next year, while also generating over $100 million in revenue for the local power utility company and supporting regional economic growth through local hiring.

HIVE has amassed 2,521 BTC valued at over $171 million and the tariff hikes risk 70% of legal operations.

This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.

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