HIVE Digital Technologies Ltd (NASDAQ:HIVE) is charging ahead with plans to nearly triple its hashrate to 25 EH/s by the fourth quarter of 2025. But while the ambition is clear, the execution risks are anything but negligible — especially in Paraguay, where much of this growth is concentrated.

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Big Ambitions, Bigger Bottlenecks?

"Scaling to 25 EH/s is an ambitious goal. While we're on track, there are always execution risks," says CFO Darcy Daubaras in an exclusive email interview with Benzinga. Among them: hardware shipping delays, global supply chain snags and construction setbacks.

HIVE is betting on Paraguay's abundant hydropower and favorable climate to drive efficient mining. But can the country's infrastructure keep up with HIVE's scale-up?

Daubaras acknowledges the challenges. "Risks do exist. These include regulatory changes, limitations in grid infrastructure, and dynamics of regional trade."

In other words, even the most miner-friendly environment can pose headaches when you’re building out industrial-scale data centers.

A Local Edge – But Is It Enough?

To mitigate the risk of the ramp-up, HIVE has boots on the ground. Its president in Paraguay, Gabriel Lamas, is a veteran electrical engineer who previously held key roles at Bitfarms and Paraguay's national utility, ANDE. Under his leadership, HIVE is focusing on grid integration, reliability, and energy optimization.

"His deep technical knowledge and proven track record in energy optimization ensure we maintain HIVE's high standards as we scale in South America," says Daubaras.

Still, the question lingers: Can Paraguay deliver the power, political stability and grid reliability needed to keep the lights on at 25 EH/s?

If the answer is yes, HIVE may emerge as one of the most efficient and greenest miners on the planet. If not, the hashrate dream could hit an electric wall.

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