Bitcoin miner Hive taps Paraguay for low-cost energy partnership
Several crypto-focused organizations — including Bitcoin (BTC) mining companies — are eyeing a US return, primarily driven by uncertain geopolitical tensions. Still, BTC miner Hive Digital Technologies is doubling down on the untapped potential of the Latin American (LATAM) market.
In an exclusive interview with Cointelegraph, Hive Digital Technologies’ president and CEO, Aydin Kilic, said that Paraguay presents a compelling long-term opportunity equipped with “geopolitical stability, low-cost hydro energy, and a government open to foreign investment”.
Picking up from where Bitfarms left off
Hive acquired Bitfarms’ 200 megawatt (MW) Yguazú facility for $56 million in January. Phase one infrastructure of a 100 MW data center at the site was completed in April, supporting five exahashes per second (EH/s) of application-specific integrated circuit (ASIC) mining.
Hive plans to expand to 300 MW of mining facilities in Paraguay in 2025. It aims to increase its hashrate to 25 EH/s by September.
Related: Bitfarms sells Paraguay site to Hive for $85M, refocuses on US
The CEO said Hive has spent over a year cultivating strong, cooperative relationships with local stakeholders in Paraguay. “We are investing in local hiring, training programs and strong vendor partnerships. Our goal is to create a local ecosystem of support that keeps costs stable while boosting uptime and efficiency,” he added.
While there was a proposed ban on crypto mining in Paraguay due to the pressure it poses on the country’s electricity supply and potential rising electricity prices, Aydin said that their team is actively involved with policymakers to support clarity and cooperation in mining legislation.
Hive embraces global diversification to hedge against geopolitical risks
Hive has data centers in Canada, Sweden and Paraguay. Contrasting with its ongoing LATAM expansion, the miner is relocating its headquarters to San Antonio, Texas.
“Our growing presence in North and South America creates a balanced footprint resilient to geopolitical or trade policy shocks,” Kilic said.
The US tariff on China raised concerns about the rising cost of mining equipment, like ASICs. Kilic told Cointelegraph that they have diversified sourcing channels for ASICs and electrical components to avoid single-region dependencies.
Related: Bitcoin miners should pay costs in depreciating currency — Ledn exec
To ensure scaling from six to 25 EH/s, the CEO said the company has locked in key ASIC orders, secured power access through long-term power purchase agreements, and expanded engineering capacity across three continents to deal with market and technological uncertainties.
Profitability in Bitcoin mining is ultimately a physics equation
Kilic sees Bitcoin mining profit as a physics equation. He told Cointelegraph that capital and operational expenses depend on hashrate-sensitive analysis to seek the most accretive way to fund their business through BTC treasury and ATM sales.
While the solo mining community may have more difficulty making profits, the CEO suggested the focus should be on the variables it can control: “Whether you run one rig or ten thousand, it comes down to controlling inputs like opex, power costs, and machine uptime to drive predictable outputs — maximizing energy efficiency, minimizing downtime and being disciplined with treasury management.”
Magazine: Korea to lift corporate crypto ban, beware crypto mining HDs: Asia Express
The license was granted after a new policy from Singapore’s Monetary Authority required all crypto firms based in the country to register.
Based on an evaluation between December 2023 and January 2025, the IRS Criminal Investigation did not always follow guidelines around seizing and holding crypto in cases.
Politics
Chancellor Rachel Reeves says she is ‘totally’ up for the job of chancellor in first comments since tearful PMQs
The chancellor has said she was having a “tough day” yesterday in her first public comments since appearing tearful at Prime Minister’s Questions – but insisted she is “totally” up for the job.
Rachel Reeves told broadcasters: “Clearly I was upset yesterday and everyone could see that. It was a personal issue and I’m not going to go into the details of that.
“My job as chancellor at 12 o’clock on a Wednesday is to be at PMQs next to the prime minister, supporting the government, and that’s what I tried to do.
“I guess the thing that maybe is a bit different between my job and many of your viewers’ is that when I’m having a tough day it’s on the telly and most people don’t have to deal with that.”
Politics latest: PM sets out 10-year NHS plan
She declined to give a reason behind the tears, saying “it was a personal issue” and “it wouldn’t be right” to divulge it.
“People saw I was upset, but that was yesterday. Today’s a new day and I’m just cracking on with the job,” she added.
Ms Reeves also said she is “totally” up for the job of chancellor, saying: “This is the job that I’ve always wanted to do. I’m proud of what I’ve delivered as chancellor.”
Reeves was seen wiping away tears during PMQs. Pic: PA
Asked if she was surprised that Sir Keir Starmer did not back her more strongly during PMQs, she reiterated that she and the prime minister are a “team”, saying: “We fought the election together, we changed the Labour Party together so that we could be in the position to return to power, and over the past year, we’ve worked in lockstep together.”
PM: ‘I was last to appreciate’ that Reeves was crying
The chancellor’s comments come after the prime minister told Sky News’ political editor Beth Rigby that he “didn’t appreciate” that she was crying behind him at Prime Minister’s Questions yesterday because the weekly sessions are “pretty wild”, which is why he did not offer her any support while in the chamber.
He added: “It wasn’t just yesterday – no prime minister ever has had side conversations during PMQs. It does happen in other debates when there’s a bit more time, but in PMQs, it is bang, bang, bang. That’s what it was yesterday.
“And therefore, I was probably the last to appreciate anything else going on in the chamber, and that’s just a straightforward human explanation, common sense explanation.”
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Starmer explains to Beth Rigby his reaction to Reeves crying in PMQs
During PMQs, Tory leader Kemi Badenoch branded the chancellor the “human shield” for the prime minister’s “incompetence” just hours after he was forced to perform a humiliating U-turn over his controversial welfare bill, leaving a “black hole” in the public finances.
The prime minister’s watered-down Universal Credit and Personal Independent Payment Bill was backed by a majority of 75 in a tense vote on Tuesday evening – but a total of 49 Labour MPs voted against the bill, which was the largest rebellion in a prime minister’s first year in office since 47 MPs voted against Tony Blair’s lone parent benefit in 1997, according to Professor Phil Cowley from Queen Mary University.
Ms Reeves has borne a lot of the criticism over the handling of the vote, with some MPs believing that her strict approach to fiscal rules has meant she has approached the ballooning welfare bill from the standpoint of trying to make savings, rather than getting people into work.
Ms Badenoch also said the chancellor looked “absolutely miserable”, and questioned whether she would remain in post until the next election.
Sir Keir did not explicitly say that she will, and Ms Badenoch interjected to say: “How awful for the chancellor that he couldn’t confirm that she would stay in place.”
Downing Street scrambled to make clear to journalists that Ms Reeves was “going nowhere”, and the prime minister has since stated publicly that she will remain as chancellor “for many years to come”.
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