This week, Latin America saw some of the most significant events in the global cryptocurrency environment.
El Salvador increased its gold reserves with a historic $50 million purchase, while retaining its ambitious Bitcoin policy, strengthening its hybrid approach to stability and innovation.
On the other hand, HIVE Digital Technologies expanded in Paraguay, completing Phase 2 of the Yguazú Project and reaching 18 EH/s of Bitcoin mining power using renewable hydroelectric electricity.
El Salvador strengthens reserves with gold and Bitcoin
El Salvador made a historic purchase of $50 million in gold, its first in 35 years.
This move increases the nation’s reserves by more than 31%, bringing the total to approximately 58,105 ounces, valued at $207 million.
At the same time, the country continues to amass Bitcoin, with more than 6,290 BTC worth over $706 million.
El Salvador’s reserve strategy aims to strike a balance between risk and opportunity by combining gold, a traditional safe-haven asset, and Bitcoin, a symbol of financial innovation.
Beyond accumulation, the government has redistributed its Bitcoin into several wallets with less than 500 BTC each as a safeguard against future technical risks, such as those posed by quantum computing.
The gold acquisition not only mitigates cryptocurrency volatility, but it also sends a strong message to institutions such as the IMF: El Salvador is not only relying on Bitcoin, but is also strengthening its financial credibility with traditional assets.
HIVE reaches 18 EH/s with Yguazú phase 2 completion
On September 3, HIVE Digital Technologies Ltd. announced the successful completion of Phase 2 of its Yguazú Project in Paraguay, surpassing the global Bitcoin mining capacity of 18 exahashes per second (EH/s).
The milestone was met ahead of schedule following the installation of the most recent ASICs, putting the company over its original 17 EH/s target.
With this development, HIVE is now mining more than 8 Bitcoin per day globally, cementing its position as one of the industry’s major competitors.
The Yguazú mining plant, powered by 200 MW of renewable hydroelectric electricity from the Itaipú Dam, is the company’s largest to date and was finished in record time.
The business stated that work on its Phase 3 site in Valenzuela, a 100 MW green energy project, is nearly complete and would be ready for ASIC installation in the following weeks.
Once operational, HIVE anticipates its global hashrate to exceed 25 EH/s, accounting for roughly 3% of the total Bitcoin network, with a daily output of approximately 12 BTC.
Itaú asset launches dedicated crypto division
Itaú Asset Management, Brazil’s largest private asset manager, established a cryptocurrency business within its multibillion-dollar mutual fund arm.
João Marco Braga da Cunha, former portfolio management director at Hashdex, will lead the business. Hashdex was a pioneer in Brazil’s cryptocurrency ETF sector.
The new branch of Itaú aims to produce alpha for customers by harnessing the volatility and unique opportunities of digital assets, building on current products like its Bitcoin ETF and retirement fund with crypto exposure.
Itaú Asset now manages over 1 trillion reais ($185 billion) throughout its portfolio.
Itaú’s mobile app already allows for direct trading of 10 cryptocurrencies, including Bitcoin, Ether, Solana, and USD Coin, with in-house custody management.
This endeavour adds to the company’s overall focus on digital assets.
The cryptocurrency business intends to provide new financial products ranging from fixed-income style instruments to high-volatility strategies combining derivatives and staking-based funds.
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