HIVE launches documentary on Paraguay’s hydro-powered Bitcoin mega-mine

HIVE Digital Technologies has released a short documentary showcasing how its new Paraguay operations turn “water into watts” to power one of the world’s largest green Bitcoin mining projects, and, increasingly, high-performance computing for AI.

The documentary follows HIVE executives on the ground in Paraguay as they walk through hydro dams, mining halls and rural schools now connected to electricity.

“Water is the foundation of all life. We're grateful for every drop of it,” said COO Luke Rossy. “We operate globally with renewable energy, and that's what made Paraguay so attractive to us because they had this unique situation where they had all this untapped energy and potential.”

From water to watts to Bitcoin

The project draws power from the massive Itaipú hydroelectric complex, which supplies Paraguay with abundant low-cost electricity.

Frank Holmes, HIVE’s executive chairman, notes in the film that the dam “took 14 years to build” and “40,000 workers to build 10 gigawatts of harnessing water to make electricity.”

President and CEO Aydin Kilic frames the entire buildout as an almost philosophical exercise in turning natural energy into digital value:

“It's physics and engineering, but there's almost like a philosophical thread to it all. We're using hydroelectricity, the water that flows through this hydroelectric dam that then gets distributed to the substation and powers our miners, and it's water cooled through hydro cooling infrastructure. It's a really beautiful integration of water and electricity working in harmony to secure the Bitcoin blockchain.”

Kilic adds that HIVE is currently at “a million dollars day of run rate revenue,” and says that figure could grow “closer to $500 million” once the company reaches its target of 25 exahash (EH/s) of Bitcoin hashrate and “almost 12 Bitcoin a day,” with a fleet efficiency of “17.5 joules, a terra hash.”

Exahash (EH/s) is a measure of how much computing power a Bitcoin miner or mining company produces. 1 exahash equals 1 quintillion hashing attempts per second — the higher the EH/s, the more Bitcoin a miner can earn and the more secure the network becomes.

Related: What is Bitcoin mining? Explained

Paraguay buildout hits 300 MW and 25 EH/s

According to recent company disclosures, HIVE:

• Completed 300 megawatts (MW) of new capacity in Paraguay in roughly six months
• Has surpassed 24 EH/s of operational hashrate and 25 EH/s of installed capacity
• Mined 289 BTC in October, up 147% from a year earlier
• Now commands more than 2% of the global Bitcoin network, with a fleet efficiency around 17.7 J/TH

The firm reported record quarterly revenue of $87.3 million, up 285% year-on-year, driven largely by its Paraguay expansion and rising hashrate. Management says its current Bitcoin mining revenue run rate is approaching $400 million at roughly 50% operating margin after power costs.

Holmes noted Paraguay’s importance not just for HIVE, but for the host country:

“Bitcoin mining pay. Every month, we will become the largest payer of US dollars for this country. Every month.”

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Schools, electrification and 'giving back'

A major theme of the film is local impact. HIVE positions itself not only as a buyer of power, but as a contributor to social infrastructure.

“Hive has a reputation of always giving back. Every jurisdiction that we operate in, we always make an effort to give back to the community,” Rossy says.

Kilic details some of those initiatives:

“We are basically renovating the schools here, air conditioning, fresh paint on the walls, new floors, new chalkboards. We've electrified lit up 18 other rural schools as well in the region just so that they have lighting and electrification. These sort of initiatives, I think, are very much symbolic of how hives likes to do business.”

He adds that “Hive has been the longest standing crypto miner in the game thus far, and I want us to be the longest standing crypto miner in the game going forward.”

Related: HIVE’s Frank Holmes says Bitcoin mining is a win for Paraguay and the U.S