Hive Digital has completed the second phase in Yguazú: the plant reaches 18 EH/s with hydroelectric power and liquid cooling.
According to data collected from public network snapshots and the company’s official communications, this capacity represents about 1% of the global hashrate, a figure verifiable through public hashrate charts Blockchain.com Charts.
Industry sources and analysts note how the adoption of hydro-cooled ASICs improves operational continuity and reduces thermal derating; updated estimates take into account the halving of the block reward that occurred in April 2024.
Based on current snapshots and the assumptions indicated below, the expected production converges on about 4.2–4.4 BTC/day under stable network and uptime conditions.
Yguazú: second phase completed on 200 MW hydroelectric
The new tranche of capacity has been connected to the Yguazú site, bringing the operational power to 200 MW. The energy largely comes from the national hydroelectric system, with the Itaipú binational plant as the cornerstone of the supply (Itaipú Binacional).
The company, in an official statement, describes the acquisition and the growth plan towards 25 EH/s by 2025, with a modular roll-out designed to facilitate commissioning and maintenance Hive focuses on Paraguay: clean energy and sustainable growth for Bitcoin mining.
The stated goal is to consolidate an industrial hub with low emissions and high energy efficiency.
Key Specifications of the Expansion
Why Paraguay is Competitive for Mining
The contained electricity costs, the abundance of hydroelectric energy, and the transmission infrastructure make the country an interesting hub for high-density data centers.
The renewable mix supports the continuous loads required by ASICs and allows for large-scale projects with a reduced emission footprint compared to the use of fossil sources (Cambridge Bitcoin Electricity Consumption Index).
It should be noted that the predictability of supply and prices is a decisive factor for 24/7 high-consumption operations; during commissioning, these aspects are monitored with dedicated supply contracts and load flexibility plans.
Operational Efficiency: The Role of Water Cooling
The S21+ Hydro operate at more stable temperatures and with lower thermal derating, ensuring a higher computing density per rack, better energy efficiency per terahash, and a reduction in mechanical noise compared to air systems.
In practice, this translates to greater service continuity, fewer corrective maintenance cycles, and a more predictable operational profile for sites with a high concentration of machines.
Production: how to reach ~4.3 BTC/day
The updated estimate is based on three factors: the plant’s share of hashrate, the average number of blocks generated daily (≈144), and the block reward after the April 2024 halving (3.125 BTC per block).
With 18 EH/s and, according to recent snapshots, an indicative global hashrate of about 1,900 EH/s, the plant’s share is ~0.95%. Applying the formula (share × 144 × 3.125 BTC) results in an expected value around 4.2–4.4 BTC/day, net of pool fees and operational uptime.
Fluctuations in difficulty and the actual availability of machines can still impact the daily value.
Method in Brief
- Formula: BTC/day ≈ (plant hashrate / network hashrate) × blocks/day (≈144) × reward per block (3.125 BTC after the April 2024 halving).
- Assumptions: public snapshots updated as of September 7, 2025; indicative global hashrate approximately 1,900 EH/s, with normal difficulty fluctuations.
- Network sources: public statistics on hashrate and difficulty (e.g., Blockchain.com Charts).
Roadmap: target 25 EH/s in the coming months
Hive Digital aims to further expand capacity to reach 25 EH/s. The plan includes new deliveries of hydro-cooled ASICs, layout optimizations, and the completion of additional power modules, including the full operation of the Valenzuela site.
The timeline remains tied to commissioning, testing, and component availability; the company targets gradual completion by 2025.
Next Operational Steps
- Launch of the third phase in Valenzuela, with up to 100 MW prepared.
- New installations of ASIC Hydro and tuning of power profiles.
- Contract optimization with local suppliers to ensure flexibility and stability of loads.
Economic and Environmental Impact
The prevalent use of hydroelectric power helps to contain the carbon intensity of the operation and enhances a domestic resource, while also generating local demand for industrial services, maintenance, and specialized technical profiles.
However, there are still aspects to balance: the seasonal availability of water, potential network constraints, and the need for clear supply agreements in case of curtailment. A flexible load management helps integrate the activity with the needs of the local electrical system.
Numbers and scenarios
- Estimated network share: approximately 1% (snapshots updated as of September 7, 2025).
- Hashrate target: 25 EH/s in the short term (company target for 2025).
- Potential output at target: with 25 EH/s and similar network conditions, the theoretical output drops to around ~5.9 BTC/day considering the current block reward (3.125 BTC).
- Energy source: 200 MW powered by hydroelectric systems, with Itaipú as the main asset (Itaipú Binacional).
Operational and Regulatory Risks to Monitor
- Network difficulty and volatility of the global hashrate.
- BTC price and on-chain fees, which impact margins.
- ASIC supply chain and delivery times.
- Stability of energy contracts and possible limitations in case of water stress or network works.
Who is Hive Digital and what do they say about the project
Hive Digital operates in the blockchain infrastructure sector and high-performance computing. The company views Yguazú as a strategic piece for industrial growth, focusing on efficiency, cost control, and modular scalability of the machine park.
The development scope remains oriented towards gradual increments, aligned with hardware deployment plans and local network conditions.
Note: Network fees, local energy contract terms, and some employment data have not been disclosed in detail at the time of publication; production estimates are subject to changes based on network difficulty, BTC price, and the actual uptime of the machines.