Deploying S21 XP miners at the Yguazú facility

The 200 MW Yguazu infrastructure

HIVE Digital Technologies operates a 200 MW hydro-powered facility in Yguazu, Paraguay. The acquisition includes a 240 MVA substation and all associated land. HIVE paid $25 million at closing and scheduled $31 million in equal installments over six months. The total acquisition cost for the site reached $56 million. HIVE also assumed $19 million of PPA deposits to the utility company, ANDE.

The development involves two distinct phases. Phase 1 adds 6 EH/s of capacity. Phase 2 adds 6.5 EH/s with hydro-cooled ASICs. Phase 2 expects completion by August 31, 2025.

HIVE also manages a separate 100 MW project in Paraguay. This project uses Bitmain S21+ hydro-cooled ASICs. It targets energization by June 2025 to provide 6.5 EH/s. This expansion brings HIVE’s total capacity in Paraguay to 300 MW.

The company aims to reach 25 EH/s by September 2025. HIVE expects to reach 3% of the global Bitcoin mining network. The site is 200 MW.

S21 XP performance and electricity math

The Antminer S21 XP delivers 270 TH/s of SHA-256 hashrate. The actual output ranges from 262 to 278 TH/s. It uses 3,645W of power at 25 degrees C. This efficiency is a 37% reduction in electricity use per terahash compared to the S19 XP Pro at 21.5 J/TH.

Electricity costs determine the profitability of this hardware. In Paraguay, the National Electricity Administration (ANDE) provides access to surplus energy from the Itaipu Dam. While miners previously accessed rates of $0.03 per kWh, recent increases pushed medium-tension rates closer to $0.06 per kWh. Operators also face an 8% network loss at the substation level.

Because the electricity rate is the single largest variable, the gap between $0.06 and $0.12 per kWh costs over $1,900 per year on a single machine, which significantly impacts the cost to produce one Bitcoin. Operators should build projections around 265 TH/s rather than the 270 TH/s headline due to a 3% hashrate tolerance.

You need a dedicated 240V circuit with a 20A breaker. The machine draws 3,645W continuously. The S21 XP has a higher hashrate density than the S21+ model. However, the S21+ has a lower upfront price for capital-conscious buyers.

Managing noise and heat in Paraguay

The Antminer S21 XP creates significant environmental demands. It generates 75 to 76 dB of noise. This noise level is louder than a vacuum cleaner. Nearly all input power converts to heat. The machine produces 12,400 BTU/h of heat at 3,645W.

The S21 XP uses an air-cooled design.

It uses four fans. Most residential panels cannot support a 3,645W continuous load without upgrades. The 5% power tolerance allows the draw to reach 3,827W. A single machine consumes 2,624 kWh every month.

Residential setups face three barriers: noise complaints, dedicated electrical circuits, and heat exhaust routing. Soundproofing an ASIC fights the ventilation the machine needs. The tropical climate in Paraguay requires effective cooling. Uncontrolled expansion of mining operations can jeopardize national power stability. Authorities also enforce strict penalties for energy theft, with maximum sentences reaching 10 years in prison.

Will the December 31, 2027, ANDE contract expiration cliff affect long-term ROI?