HIVE completes 200 MW Bitcoin mine in Paraguay using Itaipú Dam power
In brief
- HIVE completed Phase 2 of Yguazú facility in Paraguay, reaching 200 MW capacity in September 2025.
- The site mines over 8 Bitcoin daily using surplus power from the 14 GW Itaipú Dam.
- Paraguay accounts for roughly 4.3% of global hashrate amid tariff hikes and illegal mining crackdowns.
- HIVE acquired the facility from Bitfarms in January 2025 for approximately $56 million.
Energy Abundance Meets Mining Scale
Paraguay sits on an energy paradox. The country co-owns one of the biggest hydroelectric dams on the planet but only uses about 20% of its share of the output. The Itaipú Dam has an installed capacity of 14 GW, making it a natural hub for power-hungry mining operations.
HIVE's Yguazú facility capitalizes on that surplus. HIVE acquired the site from Bitfarms in January 2025 for approximately $56 million. The Phase 2 completion marks a major milestone for the company's Latin American footprint. HIVE's global hashrate has surpassed 18 EH/s, positioning the operation as one of the largest Bitcoin mining outfits worldwide.
The economics remain compelling. Power costs for mining in Paraguay have risen from around $0.03 per kWh historically, but they remain competitive globally. That margin matters when scaling to 200 MW.
Regulatory Headwinds
Success has drawn attention—not all of it welcome. Paraguay has been grappling with a surge of unauthorized mining operations, some of which have tapped into the power grid illegally. Paraguayan authorities have been stepping up enforcement against illegal miners, signaling tighter oversight ahead.
More immediately, there's growing political pressure to raise power tariffs for crypto operations. A tariff hike would compress margins across the sector—including HIVE's operation—and could reshape the economics of mining in the region.
Paraguay accounted for roughly 4.3% of the global hashrate as of mid-2026, a notable concentration for a single country. That visibility invites regulatory scrutiny.
What's Next
Phase 3 expansion already in the works. HIVE's ambitions extend beyond the current 200 MW footprint, though the trajectory depends on whether tariff pressure materializes and how strictly authorities enforce against illegal operations. The company's ability to secure additional capacity—and keep power costs stable—will shape Paraguay's role in global Bitcoin mining over the next 12 to 24 months.
