This week, HIVE reached a new all-time high of 9.5 EH/s in Bitcoin mining hashrate, a major milestone on our path to 25 EH/s.
To mark the moment, President & CEO Aydin Kilic joined Sebastian Ski for an in-depth AMA covering everything from our expansion in Paraguay to Bitcoin mining economics, growth strategy, and more.
Why Paraguay – and Why Now?
“We were searching for an opportunity that met three key criteria: green energy, low cost of power, and located in a politically stable jurisdiction,” said Aydin.
Paraguay checked every box.
“Through strong ties, including Co-Founder and Executive Chairman Frank Holmes, Aydin, and President Peña of Paraguay all being members of YPO, we were able to establish meaningful relationships at the highest levels of government.”
Paraguay exports power to Brazil and Argentina in local currencies. With HIVE, they’re paid in USD, creating a unique currency hedge.
“It’s a physics equation. If you're not demonstrating strong ROI, low power costs mean little if you're overspending on infrastructure.”
We’ve also embraced our role in the community. In addition to sponsoring the local hockey team in Sweden and heat reuse initiatives in Quebec, HIVE is electrifying 18 schools in Paraguay’s Cordillera province near our Valenzuela site.
“We asked the governor how we could help. We’re here to do business – and do it right.”
Is Security a Concern?
In our most recent production update, a photo of ASICs being escorted by police in Paraguay raised some eyebrows.
“That’s the state police – think of them like state troopers,” Aydin explained.
“It’s not about risk; it’s about respect. They saw the scale of our investment and rolled out the red carpet.”
As the largest foreign importer in Paraguay this year, as well as ANDE’s biggest customer, the escort was a statement of support, and a good show of stewardship as we manage shareholder capital.
BTC-Backed Growth: A Bold New Move
Another major topic covered was HIVE’s innovative use of its Bitcoin treasury to fund the acquisition of next-generation ASIC mining equipment without taking on debt.
As recently announced, HIVE pledged a portion of its Bitcoin at a market price of $87,000 per BTC to settle the purchase, while securing the right to buy back the same amount of BTC at that price. This structure creates a rare opportunity to unlock capital today while retaining full upside if Bitcoin appreciates.
When asked about the strategy, Aydin explained: “It was a strong, accretive deal. The most material figure? The $87,000 purchase price, with no debt and no interest. Plus, we’ve secured a longer repurchase window than anyone else in the space. Time is money.”
He continued, “Our HODL strategy isn’t just about holding Bitcoin. It’s about conviction, discipline, and long-term value creation. How can we utilize that HODL in the interim to accretively grow and bring on our exahash, lowering our cost of capital and earning a better multiple in the capital markets. We’re targeting a $1.5B USD market cap once we surpass 25 EH/s, and this structure helps us get there faster while preserving upside.”
Catch the full AMA interview here: https://www.youtube.com/live/jfs1ErVOJsk
HIVE In the Media
- Frank Holmes joined the panel Bitcoin Mining in the Age of Trump at Consensus 2025 →
- Craig Tavares, President & COO of BUZZ HPC, spoke on AI/HPC Strategies for Bitcoin Miners at Consensus 2025 →
- Aydin Kilic sat down for an exclusive spotlight on the evolution of HIVE in 2025 with Nasdaq →
Final Thoughts
With Bitcoin breaking all-time highs as we continue to accelerate our pace of scaling, we head into a bright orange weekend fueled by momentum, ambition, and unwavering conviction.
Thank you for being part of our journey – and stay tuned.
We’re only just getting started. 🚀🟠
Warm regards,
The HIVE Digital Technologies Team