“We will increase by more than 400%,” said HIVE Executive Chairman Frank Holmes, discussing the company’s plans to expand Bitcoin mining in Paraguay.

HIVE Digital Technologies is leveraging the country’s surplus hydroelectric power for large-scale growth. Paraguay produces more electricity than it consumes, thanks to the Itaipu Dam—one of the largest in the world.

“If Paraguay doesn’t use this energy, it has to give it back to Brazil. But if it does, it gets paid in US dollars. We help the country monetize this resource,” Holmes noted.

Bitcoin mining is all about computational power. Holmes compared the process to car engines.

“There’s a four-cylinder engine, and there’s a V8 with 440 horsepower. The more powerful the engine, the better the performance,” he explained.

HIVE is focusing on energy-efficient chips.

“Some cars give you 20 miles per gallon, others 60. We need the ones that deliver 25 miles per gallon,” Holmes added.

“This dam is simply incredible. It’s five miles long and the largest in the Western Hemisphere,” he concluded.