HIVE Digital Technologies (Nasdaq: HIVE), a Canadian Bitcoin (BTC) mining company, announced on Oct. 21 a definitive agreement to develop a 100-megawatt (MW) hydroelectric-powered data center at its Yguazú site in Paraguay, a move that will push its total renewable capacity in the country to 400 MW by 2026.

Bitcoin mining is the process of validating transactions and securing the Bitcoin network by solving cryptographic puzzles using specialized computers. Miners compete to add new blocks to the blockchain, earning newly created Bitcoins and transaction fees as rewards.

The Phase 3 expansion will utilize renewable energy from the Itaipú Dam and is expected to be Paraguay’s largest such facility. Once complete, HIVE anticipates reaching a global Bitcoin mining capacity of 35 exahashes per second (EH/s) in 2026, up from roughly 22 EH/s today.

Related: What is Bitcoin mining? Explained

Frank Holmes, HIVE’s executive chairman, said the expansion underlines the company’s strategy to scale sustainable, low-cost infrastructure.

“We’ve scaled Bitcoin mining from 6 EH/s at the start of the year to nearly 22 EH/s today, on track to reach 25 EH/s by year-end,” he noted.Frank Holmes, chief executive officer of Hive Blockchain.Getty Images

CEO Aydin Kilic said the partnership is expected to drive a fivefold increase in HIVE’s HPC capacity in 2026.

“HIVE’s turbocharged twin-engine model—Tier 1 for Bitcoin, Tier 3 for AI—positions us as a global digital-infrastructure leader at the intersection of blockchain and artificial intelligence," he said.

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Phase 3 expansion

The project builds on two earlier phases completed in 2025 and will bring HIVE’s total renewable footprint to 540 MW across Paraguay, Canada, and Sweden. Construction of Phase 3 is slated to begin in early 2026, with commissioning targeted for the third quarter of that year.

Alongside its mining operations, HIVE is expanding its high-performance computing (HPC) and AI infrastructure through a strategic partnership with Bell Canada. The collaboration integrates HIVE’s BUZZ HPC division with Bell’s national fiber network, forming one of Canada’s leading sovereign AI ecosystems.

At the time of writing, HIVE was down by 1.34% in a day, trading at $5.50.

This story was originally reported by TheStreet on Oct 21, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.

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