HIVE continues to expand production even as Bitcoin dumps

1 week ago 6

During a caller TheStreet Roundtable interview, Frank Holmes, the enforcement president of Hive Digital Technologies, laid retired a presumption that separates abbreviated word marketplace turbulence from agelong word infrastructure growth, arguing that leverage driven merchantability offs bash small to change the underlying thesis for Bitcoin and data centers.

Holmes acknowledged that terms weakness is imaginable and pointed to excessive leverage arsenic a recurring risk.

“I deliberation it could merchantability disconnected a small unit immoderate is happening successful the markets and trigger immoderate shorts. It was not existent currency buying. It was a batch of leverage buying. And anytime you get a batch of leverage buying and idiosyncratic gets forced retired you make a contagion and sound it down abbreviated term.”

Related: Legendary hedge money expert warns Bitcoin is heading towards 1929-style crash

Several ample Bitcoin Miners person announced high-performance computing (HPC) centers oregon are wholly shifting their businesses towards it, including Bitfarms, MARA, Hut 8, and others. To those who spot the volatility of Bitcoin arsenic excessively high-risk, HPC is simply a safer alternate that generates much gross successful galore cases.

Despite Bitcoin's risk, Hive continues to standard production. Even arsenic mining trouble rises, Hive has expanded output.

“We person strapped connected from 3 Bitcoin a time to 10 Bitcoin a time and we are going to turn that again,” Holmes said. “We person been capable to much than triple our regular Bitcoin production.”

Holmes believes the 2 are complimentary.

“Our doctrine is to tally parallel. Not 1 is amended than the other. They are some needed. And to physique HPC, the fastest mode to get your wealth backmost is to physique a Bitcoin information center.”

Hive sees agelong word imaginable successful gathering retired powerfulness and information centers successful Paraguay. He described them arsenic "the lone state successful Latin America that is truly pro-America." He besides praised their president for his guardant reasoning argumentation successful regards to Bitcoin Miners.

Additionally, the federation has agelong been selling excess energy to neighbors who person not ever paid. Argentina presently owes implicit $200 cardinal successful energy debt. Having regular income for this excess vigor is simply a immense triumph for Paraguay.

“Bitcoin miners prevention the day,” Holmes said. “(The inferior providers) get paid each month. Not lone bash we physique substations each crossed the country, we wage them each month.”