Hive Chairman Frank Holmes Discusses Expansion of Bitcoin Mining Operations in Paraguay

Frank Holmes, a veteran money manager and chairman of Hive Digital Technologies, has been at the forefront of the bitcoin mining industry. With a career spanning several decades, Holmes has been involved in various ventures, including financing gold mining companies and developing financial products for the airline industry. As the chairman of Hive, a bitcoin mining company with a market capitalization of $345 million, Holmes has been instrumental in the company's rapid expansion in Paraguay. In a recent interview, Holmes shared his thoughts on the company's growth plans, the future of the mining industry, and the potential of bitcoin mining in Paraguay. Hive has been focused on sustainable energy sources, with its first facility using geothermal energy in Iceland and another using hydro-power in Sweden. The company expects to have approximately 430 megawatts of infrastructure up and running by the third quarter of 2025, which is enough energy to power a city of 86,000 homes. Holmes also discussed the company's decision to repurpose its GPUs for AI purposes, citing the expertise gained from mining ether and the potential for high-performance computing. The company's expansion in Paraguay has been significant, with the acquisition of facilities previously owned by Bitfarms. Holmes believes that Paraguay has immense potential, with the largest dam in the Western hemisphere, shared with Brazil, and a vast amount of stranded electricity. The company is also exploring opportunities in East Africa, particularly in Ethiopia, where there is a significant amount of stranded electricity. Holmes expressed concerns about the health of the mining industry, citing the lack of investment in mining expansion and the focus on adding bitcoin to balance sheets. He emphasized the need for growth in mining operations to ensure the decentralization of the Bitcoin ecosystem. Overall, Holmes remains optimistic about the future of bitcoin mining and the potential for Hive to play a significant role in the industry.