HIVE Digital Technologies bets big on Paraguay’s hydropower for Bitcoin mining future

HIVE Digital Technologies is doubling down on Paraguay as the centerpiece of its Bitcoin mining expansion, with the company’s newly appointed country site president outlining a vision built on clean energy, disciplined growth, and operational leadership in one of South America’s most energy-rich nations.

Gabriel Lamas, who took over as HIVE’s Country Site President in March 2025, has been vocal about what he sees as the recipe for sustainable Bitcoin mining: cheap hydroelectric power, careful scaling, and strong on-the-ground management.

Paraguay’s power advantage

The country sits downstream from the Itaipú Dam, one of the largest hydroelectric power plants on the planet. HIVE operates two major facilities in the country: a 200 MW site at Yguazú, acquired in early 2025, and a 100 MW facility at Valenzuela, completed the same year. Combined, that’s 300 MW of hydroelectric-powered mining capacity.

Paraguay generates far more hydroelectric power than its domestic economy can absorb. That surplus energy, sometimes called “stranded” power, sits there doing nothing unless someone finds a use for it. Bitcoin mining fits that gap almost perfectly.

Lamas brings over 20 years of experience in the industry to the role, including prior work with Bitfarms, another publicly traded mining company. According to HIVE, his leadership has exceeded operational expectations during the phased scaling of the Paraguayan sites.

The hashrate targets

HIVE is targeting a global hashrate of 25 EH/s (exahashes per second) in 2025 and 35 EH/s in 2026. The jump from 25 to 35 EH/s in a single year would represent a 40% increase. That’s aggressive, particularly in a post-halving environment where Bitcoin mining rewards were cut in half in April 2024. After a halving, miners earn fewer Bitcoin per block, which means only the most efficient operators survive and thrive.

Beyond Bitcoin: the AI infrastructure play

HIVE has been developing its BUZZ platform, which is designed to support AI and high-performance computing (HPC) workloads alongside traditional mining operations. The idea is that the same infrastructure, power supply, and cooling systems that serve Bitcoin miners can also serve the rapidly growing demand for AI compute.

The company trades on both Nasdaq and the TSX under the ticker HIVE, giving it access to both US and Canadian capital markets.