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- HIVE expands renewable Bitcoin mining power to 400 MW in Paraguay, powered entirely by Itaipú hydroelectric energy.
- Paraguay climbs to top four global Bitcoin mining hubs, surpassing Canada and UAE in global hashrate share.
HIVE Digital Technologies announced a plan to build a 100 megawatt data center in Yguazú, Paraguay, to expand Bitcoin mining capacity. The facility will run entirely on hydroelectric power from the Itaipú dam. The project will raise HIVE’s renewable capacity in Paraguay to 400 MW and contribute to a company-wide total of 540 MW across three countries.
Company executives set a target of 35 exahash per second of mining power by 2026. The firm increased capacity from 6 EH/s early in the year to nearly 22 EH/s, and it expects to reach about 25 EH/s by year-end. HIVE plans to begin construction in early 2026 and to commission the site in the third quarter.
Paraguay already ranks among the top four global jurisdictions for Bitcoin mining according to Hashrate Index data for late 2025. The country accounts for roughly 3.9 percent of global hashrate, near 40 EH/s, surpassing several established players. Local advantages include abundant hydropower and low energy costs, conditions attracting large-scale miners seeking predictable input prices.
However, critics warn rapid growth may strain grid management and require stronger regulatory oversight to coordinate industrial loads. Meanwhile, HIVE asserts the operation will use established environmental standards and long-term power contracts.
Additionally, government officials point to mining as an export of services, bringing foreign revenue and supporting supply chains. Consequently, Paraguay’s role in global mining will depend on policy clarity and on the balance between industrial demand and local energy needs.
Local authorities expect project permits and grid studies to conclude before construction begins. The company projects dozens of jobs during construction and a smaller number for ongoing operations. Financial analysts estimate predictable energy pricing could make Paraguay a cost leader for miners. International observers will watch how regulators align industrial demand with domestic supply carefully. Policy choices will shape outcomes.
Why Centralized Exchanges Remain Latin America’s Primary Crypto On-Ramp
Latin America recorded nearly $1.5 trillion in cryptocurrency transaction volume between July 2022 and June 2025, according to a regional market analysis. Activity rose from $20.8 billion in July 2022 to a peak of $87.7 billion in December 2024, and then settled near $47.9 billion by June 2025. These figures reflect sharp monthly swings and an upward trend in user adoption and commercial use.
Brazil led the region with $318.8 billion in received crypto value, representing almost one-third of regional flows. Argentina followed with $93.9 billion, Mexico with $71.2 billion, Venezuela with $44.6 billion, and Colombia with $44.2 billion. As we reported in CNF, smaller markets such as Peru, Chile, and Bolivia also registered volumes, while El Salvador recorded about $3.5 billion despite its high-profile policy on bitcoin.
Three conditions explain the rise in onchain activity
First, persistent inflation and local currency weakness pushed households and firms to seek dollar-linked stability. Second, mobile phone penetration in many countries exceeds eighty percent, which simplified access to exchanges and wallets. Third, limited access to traditional banking services increased demand for faster, lower-cost remittances.
Stablecoins assumed a central role in payments and cross-border transfers. In Brazil, over 90% of crypto flows involved stablecoins during the period analyzed, reflecting widespread use for business payments and treasury operations. Moreover, purchases of stablecoins with local currency accounted for more than half of on-exchange buying in several countries, including Argentina, Colombia, and Brazil.
Centralized exchanges remained the main entry point for most users, hosting 64% of regional activity — a share higher than North America and Europe. Local platforms such as Mercado Bitcoin, Ripio, Bitso, Wenia, and SatoshiTango supplied fiat on-ramps and integrated with existing payment rails. These exchanges enabled quick conversion between local currency and dollar-linked tokens.
Institutional flows also accelerated
Large transfers and custody services increased across multiple markets, prompting banks and large fintechs to offer crypto products. Itau, Mercado Pago, and Nubank began testing services tied to tokenized instruments and stablecoins. Regulatory moves supported that process.
Brazil implemented the Brazilian Virtual Assets Law in 2022–2023, assigning anti-money-laundering oversight to the central bank. Meanwhile, global rule-making advanced through national and regional measures, including U.S. stablecoin legislation and the European MiCA framework.
Regulation improved transparency and reduced some illicit use, yet fraud and investment scams persisted on open networks. Law enforcement and compliance teams shifted focus from sanction-evasion to fraud detection and investor protection.
Latin America has moved beyond a simple hedge role for digital assets into broader use for payments, remittances, and corporate treasury. The region combines real economic need with growing technical access. Therefore, policy clarity and reliable onramps will determine whether current adoption solidifies into steady, long-term financial infrastructure.
