Hashrate Index 🟧⛏️

Latest in our AI ASIC Market series... Everyone's writing NVIDIA's AI obituary. Then NVIDIA bought Groq for $20B, partnered with Intel for $5B, and opened NVLink to every rival ASIC. Not losing the market. Orchestrating it. hubs.li/Q04hDY3p0

Four 15-minute windows on the ERCOT grid each summer set Texas miners' transmission costs for the next 12 months. Learn how 4CP works and why intelligent curtailment strategies turn it into a competitive advantage 👇 hashrateindex.com/blog/4cp-for-b…

Not every AI chip startup wants to be NVIDIA. Tenstorrent licenses open chip IP. Tensordyne bets on logarithmic math for 8x power efficiency. See why they’ve actually got a decent chance in the AI ASIC market: hashrateindex.com/blog/ai-chip-c…

Check out the case for running AI and Bitcoin mining on the same site: hashrateindex.com/blog/mullet-mi…

Find the full read on how to make the most of every hash, watt and dollar: hashrateindex.com/blog/four-stra…

Compute strategies during all-time lows in hashprice? @high_fiveguy pointed out a few at @consensus2026 - Buying ASICs at cycle-low prices - Software & firmware optimization - Mullet mining

Your weekly Hashprice Weather Forecast ☀️ - Happy Hashing! 🟧 ⛓️ ⛏️

Find out more about Bitcoin Mining Around the World: hashrateindex.com/blog/tag/bitco…

Monitor mining activity across the globe through Hashrate Index data: data.hashrateindex.com/network-data/g…

Where will the hashrate go? @high_fiveguy's take at @consensus2026

Groq wasn't the only beneficiary in the AI ASIC market when NVIDIA acquired it last year. The other independent chipmakers now know what they're worth — tens of billions. hashrateindex.com/blog/independe…

Most "hyperscaler in-house AI silicon" isn't actually in-house. A two-company duopoly is quietly running the AI chip race. hashrateindex.com/blog/design-pa…

April's recovery was real — but uneven. The report breaks down what improved, what didn't, and what to watch into summer.

Sunny Side Up for this week's hashrate weather forecast as bitcoin:native breaks $80,000 ☀️ - Happy Hashing!

🇵🇾⛏️ We just published @hashrateindex's deepest dive on the State of Bitcoin Mining in Paraguay 2026. Paraguay is the 4th largest Bitcoin mining jurisdiction on earth. Here is everything that matters from the report, and why Venezuela could become the dormant competitor Paraguay never had to face. Paraguay's story starts with three dams. 1. Itaipu on the Paraná River, 14,000 MW total capacity, Paraguay's 50% treaty share alone covers ~86% of the country's entire electricity demand. 2. Yacyreta, shared with Argentina, adds another 1,600 MW. 3. Acaray, 100% nationally owned, adds 210 MW. A nation of 7 million people generating far more electricity than it can consume. That structural surplus turned Paraguay into ~4.3% of global hashrate, approximately 43 EH/s as of Q2 2026. But the honeymoon is over. Here is the honest economics. The early days of $0.03/kWh are gone. Medium-tension rates have climbed to $0.051/kWh and are pushing toward $0.06/kWh. There is an 8% network loss factor at the substation level because Paraguay's grid is largely aerial, not underground, in a country that regularly hits 40°C+. And ANDE now requires a deposit of three months of energy costs upfront before operations begin. For a 40 MW operator that is approximately $4.5 million locked up before a single machine mines a block. The market has bifurcated sharply: heavy infrastructure players are still printing money. Undercapitalized mid-tier operators have left or are leaving. Three operators define the current state of the market. @AlpsBlockchain entered Paraguay in 2021, invested roughly €40 million to scale to 40 MW across ten distributed sites. But creeping tariff hikes, retroactive guarantee deposits, and the looming December 31, 2027 ANDE contract expiration cliff introduced sovereign and regulatory risk that institutional capital cannot underwrite indefinitely. Alps is now redirecting operational expertise toward Bolivia and positioning as a first mover in emerging energy-rich markets like Oman, Bolivia, and in the future maybe even Venezuela as the regulatory framework opens. When a major European operator starts looking over its shoulder at another country, that is a signal worth reading. @somospenguin represents the opposite thesis: deep local integration as competitive moat. Penguin started in Paraguay in 2019 with Penguin Academy, building local relationships before a single machine was deployed. They signed Paraguay's first 100 MW PPA and built the country's first private high-tension substation in direct collaboration with ANDE. By 2022 Penguin had majority Paraguayan board members, executives, employees, and significant Paraguayan shareholding. Their latest 28 MW data center runs at 200 kW per rack with direct-to-chip liquid cooling, the density of a modern Nvidia GPU deployment. They are not pivoting to AI. They are already there. @HIVEDigital is the giant in the room. The largest Bitcoin miner in Latin America and one of Luxor's closest global partners, HIVE operates two sites in Paraguay totaling 400 MW of installed capacity generating 18.87 EH/s. Yguazu: 240 MW, 12.15 EH/s, mixed air and liquid cooling. Valenzuela: 160 MW, 6.72 EH/s, 100% liquid-cooled Antminer S21+ Hydro units. Phase 3 expansion at Yguazu is currently under construction. 18.87 EH/s from two sites in a single country makes HIVE one of the largest single-country hashrate contributors on earth outside the United States. The December 31, 2027 contract expiration is the defining variable for the entire market. Every operator's position heading into those renewal negotiations depends on one thing: how deeply embedded they are in the Paraguayan grid. The operators who built high-tension infrastructure, trained local workforces, and demonstrated curtailment flexibility have the strongest hand. The ones who treated it as an arbitrage play have already left. Now the part of the report that I think most people will miss. There is a country 3,000 kilometers northeast of Asunción with a Caroní River hydroelectric cascade capable of generating 16,000 MW. Venezuela. More than twice Paraguay's entire surplus energy. And it has been effectively absent from the global Bitcoin mining industry for nearly a decade. That absence may not last. Venezuela has 34 GW of nominal installed capacity on paper and roughly 12-14 GW actually dispatchable. In the Bajo Caroní basin, there are approximately 7,500 MW of hydroelectric power that exist at the source but cannot move through the transmission grid to a paying customer. That stranded energy is structurally identical to the Itaipu surplus that made Paraguay a global mining hub. The difference: Paraguay built the infrastructure to monetize it. Venezuela has not. Yet. The flared gas picture adds another dimension. The Orinoco Belt, the Maracaibo Basin, and the eastern fields in Monagas and Anzoátegui burn approximately 344,000 barrels per day equivalent of associated gas. The same modular gas-to-power model that @CrusoeAI runs at US shale basins, and that Unblock is running at Vaca Muerta in Argentina, applies here at a scale that has no parallel in the hemisphere. The legal barrier is not as absolute as it was. OFAC General Licenses 48A and 49A are already issued, authorizing American companies to operate in Venezuela's energy sector. Arc Energy, the US fund that acquired IMPSA, is actively lobbying for licenses to rehabilitate Tocoma, a 2,160 MW hydroelectric project on the Caroní that cost an estimated $8.9 billion and was never completed. Their projection: 500 MW operational within 18 months of a license grant, 2,500 MW within five years. Bitcoin miners can leverage OFAC's legal structure. For miners currently being squeezed by Paraguay's evolving tariff realities and the 2027 contract cliff, that timeline is worth watching. If Tocoma rehabilitation begins, the early economics of a Venezuelan deployment start to look like early-stage Paraguay: stranded hydro at near-zero marginal cost, minimal competition for available megawatts, and a government that needs the hard dollar revenue that mining generates. Paraguay did not have to compete with Venezuela to become the 4th largest Bitcoin mining jurisdiction on earth. It may not have that advantage indefinitely. Full report on Hashrate Index's below! 🇵🇾🇻🇪⚡₿

Five hyperscalers. One chipmaker behind most of them. Google's TPU, OpenAI's custom chip → Broadcom. AWS Trainium, Microsoft Maia → Marvell. Inside the hyperscaler AI ASIC race — and the supply chain concentration nobody talks about: hashrateindex.com/blog/hyperscal…

Find the best research in the game on bitcoin mining economics: hashrateindex.com/blog/tag/hashr…

Monitor mining metrics on @hashrateindex: data.hashrateindex.com/network-data/b…

Thanks to @SoloSatoshi for the shout out 🫡 Happy Hashing! 🟧⛓️⛏️