The company is selling the site to the Sympatheia Power Fund, managed by Singapore-based Hawksburn Capital.
Santiago Peña's account said that bitcoin would be made legal tender.
The firm’s hydropowered Paraguayan facilities fuelled a 58% monthly hashrate jump.
“From my perspective, Paraguay seems to have the groundwork laid for supervision, regulation, and taxation regimes," said CNAD President Juan Carlos Reyes.
El Salvador had previously entered an agreement with Argentina.
The acquisition of the site in Yguazú, Paraguay will increase the company's hashrate to 25 EH/s from 6 Eh/s by September.
Bitcoin miner Hive Digital has plans to build a 100-megawatt mining facility in Paraguay powered by the nation’s Itaipu hydroelectric dam.
Bitfarms increased its online hashrate to 10.4 exahashes per second in June, marking a 39% month-on-month increase.
Giga's new site harnesses otherwise wasted energy from natural gas flaring and has already mined between $200,000 and $250,000 worth of Bitcoin, says the firm's co-founder.