HIVE Digital Technologies has put more than $250 million into Tier 1 data centers in Paraguay over the last 18 months. The money has bought it a hydro-powered operation that a senior US official suggested could be the largest foreign private investment the country has ever seen.
The Nasdaq-listed company is best known for Bitcoin mining and data center operations. Its Paraguay buildout is anchored to power from the Itaipú Dam, one of the largest power facilities in the world, with a capacity of 14 GW.
What HIVE has built so far
HIVE currently runs 300 MW of operating capacity in Paraguay. That capacity is split between two sites, one in Valenzuela and one in Yguazú.
The current setup is generating approximately 8.5 BTC per day. That is the steady drip of new Bitcoin the company earns for securing the network with its computing power.
A Phase 3 expansion aims to lift the Yguazú site to a total capacity of 400 MW by the third quarter of 2026.
The $250 million figure is not the full tab, either. Total commitments to the Paraguay operations are reported to exceed $400 million, covering everything from construction to energy procurement.
The project has created more than 300 high-paying jobs, and HIVE has hired 40 young engineers under Gabriel Lamas, the company’s country president in Paraguay.
Washington takes notice
The investment drew praise from Christopher Landau of the US State Department, who commended the initiative during a visit in October. Landau linked the project to the relationship between the US and Paraguay.
He indicated the deal could rank as the largest foreign private investment in Paraguay’s history. The original announcement framed it as a deal by US investors to build a data center near the Itaipú Dam.
How HIVE got here
HIVE’s Paraguay push started with a strategic acquisition. In 2025, the company bought a 200 MW site from Bitfarms, a fellow Bitcoin miner.
HIVE’s operations are also described as supporting local grid stability. Large, flexible loads like mining rigs can soak up excess generation that might otherwise go unused.
Bitcoin mining is not the whole plan. HIVE is also building out AI and high-performance computing on the same infrastructure.
What this means
For HIVE shareholders, Paraguay is quickly becoming the center of gravity of the business. The company is targeting a global Bitcoin mining hashrate of 35 EH/s by the end of 2026, and the Itaipú-powered sites are a major part of how it intends to get there.
There are risks worth watching. Concentrating so much capacity in one country ties HIVE’s fortunes to Paraguay’s energy policy, electricity pricing and political mood.
Execution is the other variable. Hitting 400 MW at Yguazú on schedule, while also standing up AI and HPC services, is a demanding build plan for any company.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.