Over the past week, HIVE’s executive team was in Paraguay meeting with President Santiago Peña and celebrating the completion of Phases 1 and 2 in Yguazú, which brought us to 18 EH/s ahead of schedule.
This same trip marked the launch of Phase 3 in Valenzuela, a project that will take us to 25 EH/s within the next two months, with a steady ramp-up from our current 18 EH/s.
As we reflect on the most transformative year in our company’s history, it’s worth stepping back to ask a simple question: why are we even doing this?
To answer that, let’s explore Bitcoin itself: what it is, why it matters, and why we believe so deeply in its role in securing digital sovereignty.
What is Bitcoin?
Bitcoin is often called digital gold.
It’s the world’s first decentralized cryptocurrency, and it’s changing how we think about money, value, and trust.
Unlike a dollar bill, Bitcoin has no physical form. It exists entirely as code, secured on a global network.
A Brief History
Bitcoin was born in 2008, during the global financial crisis. For the first time, people could transact directly with each other online without banks or governments.
Today, Bitcoin is valued at approximately $115,000 per coin (as of September 15, 2025), with a market cap of $2.3 trillion and a circulating supply of 19.92 million coins.
That supply is capped at 21 million. It will never exceed that number, making Bitcoin the only truly finite asset in existence.
The Visionary Beginning
Bitcoin started with a whitepaper by the mysterious Satoshi Nakamoto in October 2008.
The paper, Bitcoin: A Peer-to-Peer Electronic Cash System, proposed a new kind of money: one based on cryptographic proof, not trust in middlemen.
On January 3, 2009, Nakamoto mined the genesis block and launched the Bitcoin network. The first transaction soon followed: 10 BTC sent to developer Hal Finney.
By 2010, Bitcoin found its first real-world use: Laszlo Hanyecz spent 10,000 BTC on two pizzas. At today’s prices, that’s more than $1 billion.
Early Growth
Between 2009 and 2012, Bitcoin was mostly a hobby for tech enthusiasts and libertarians. Mining could be done on a laptop, and coins were traded informally on online forums.
Some key milestones:
2008: Whitepaper published → Foundation for decentralized money
2009: Genesis block mined → Bitcoin network launched
2010: Pizza Day → First real-world transaction
2011: Bitcoin hit $1 → Reached parity with the U.S. dollar
2012: First halving → Reinforced Bitcoin’s scarcity
By the end of 2012, Bitcoin had climbed to $13, drawing more serious attention from investors and those skeptical of fiat currencies.
Who Controls Bitcoin?
The answer is simple: no one.
Unlike traditional money managed by governments and banks, Bitcoin is run by a global network of computers called nodes. These nodes verify transactions, enforce the rules, and maintain the ledger of ownership.
Bitcoin isn’t controlled by human decision-making. It’s governed by transparent math and code.
This gives individuals more control over their money, offering resistance to inflation, censorship, and political interference.
Why It Matters
Bitcoin has evolved from an obscure experiment into a multi-trillion-dollar asset embraced by individuals, corporations, and even nation-states.
Its story is not just about technology. It’s about trust, freedom, and financial inclusion.
Next in this series:
Part 2: How Bitcoin Works and Its Core Technology
Part 3: Why Owning Bitcoin Is Like Slowly Winning the Lottery
Part 4: How to Invest in Bitcoin
From Canada to Sweden to Paraguay, we run around the clock across three continents and nine time zones, advancing Bitcoin’s mission of digital freedom 24/7 as we drive toward 25 EH/s.
Have a great week ahead,
The HIVE Digital Technologies Team