HIVE Digital Technologies (ticker HIVE) is expanding its hydroelectric-powered data-center campus in Paraguay, according to an announcement on Tuesday.
The move is part of HIVE’s “Phase 3” expansion of its renewable capacity in the country, expanding its output to 400 megawatts. The buildout is expected to begin in early 2026 and be completed by the third quarter.
“Management expects this addition, also powered by renewable hydroelectric energy from the Itaipú Dam, to be the largest facility of its kind in Paraguay, and to increase HIVE’s global Bitcoin target to 35 Exahash per second (“EH/s”) for 2026,” the company wrote.
According to Matthew Sigel, head of digital assets research at VanEck, HIVE is “one of the few BTC miners still growing hash rate.”
Founded in 2017, HIVE began expanding its energy capacity in the city of Yguazú, Paraguay, earlier this year. It completed Phase 1 and Phase 2 of its expansion plans in April and September, respectively, bringing its output to 300 MW.
During that period, HIVE’s total Bitcoin mining capacity also expanded to 22 EH/s today from 6 EH/s at the start of the year. HIVE expects capacity to reach 25 EH/s by year-end. The company holds approximately 2,201 BTC, worth about $250 million, according to The Block’s data.
“With the advent of next generation ASIC miners, this additional 100 MW provides a path to a potential 35 EH/s in 2026-a milestone that reflects both our operational excellence and our global growth ambition,” Frank Holmes, HIVE’s executive chairman, said in a statement.
Like other bitcoin miners, HIVE is also expanding into the high-performance computing sector, offering Tier 3 HPC data center support for clients, including Bell Canada. HIVE CEO Aydin Kilic described the dual-pronged approach as bitcoin mining providing “robust cash flow” while HPC services diversify the firm’s growth.
The firm expects to 5x its HPC capacity in 2026 by investing in its Toronto data center. It also maintains an AI operation in Sweden.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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