Hive Digital shifts operations to Texas, targets Trump-era assist

BTC block reward miner Hive Digital (TSXV: HIVE) is shifting operations from Canada to the U.S. in anticipation of an enabling enterprise local weather below the Donald Trump administration.

Hive introduced on December 31 that it might relocate from Vancouver, Canada, to San Antonio, Texas, to capitalize on the alternatives the U.S. market presents. Texas has turn into the U.S. mining hub, with Hive’s friends, together with MARA Holdings (NASDAQ: MARA), Riot Platforms (NASDAQ: RIOT), Bitdeer (NASDAQ: BTDR), Cipher Mining (NASDAQ: CIFR), and extra working within the state. Texas’ grid operator, ERCOT, has struck offers with miners to pay them for turning off their rigs throughout peak demand, though legislators are looking for to put an end to those offers.

Trump’s election was an enormous consider Hive’s resolution, the miner revealed. The Republican president-elect pledged to reverse ‘anti-crypto’ insurance policies throughout his campaigns and make the U.S. the mining capital. He has additionally been appointing pro-digital foreign money leaders to some key positions, though some come with intricate ties to the businesses they’re meant to police.

“President-elect Trump has acknowledged, that below his management, America would turn into a safer and extra engaging place for Bitcoin miners by implementing insurance policies to make sure the U.S. has the most affordable vitality globally, fostering innovation, and making a regulatory setting that helps cryptocurrency operations,” Hive stated.

Hive additionally believes that working from the U.S. will give it entry to deeper and extra strong capital markets.

“The depth and breadth of U.S. capital markets are unparalleled and key to our progress technique. The U.S. market, with its $40 trillion capitalization and day by day buying and selling volumes of $500 billion, presents HIVE the liquidity, visibility, and valuation alternatives we have to scale,” commented CEO Frank Holmes.

The corporate can even transition to the U.S. Typically Accepted Accounting Rules (US GAAP), beginning in Q1 subsequent yr, to cater to U.S. buyers. This, CFO Darcy Daubaras believes, aligns with the agency’s “strategic objectives of operational effectivity, sustainability, and increasing our market presence. These strikes improve our monetary transparency and place us for long-term success within the international market.”

Individually, Hive announced that it elevated its operational hash charge by practically 50% from 4.08 exahashes per second (EH/s) to six EH/s. It achieved this milestone by enhancing its effectivity, which it unlocked by switching to Canaan Inc.’s Avalon miners. It additionally procured electrical energy in Sweden at two cents per kilowatt-hour. In an interview, Holmes revealed that it did this by locking in long-term contracts when the facility costs dropped within the hotter months of the summer season.

Following the announcement, Hive shares shot up 9% on Thursday to reverse a three-week downtrend that chipped off practically 25% from the miner’s inventory worth regardless of the broader market bull rally.

Block reward mining had a checkered yr in 2024, with some like Compass Mining and MARA increasing operations, whereas others like Foundry laid staff off. On the regulatory entrance, some states within the U.S. pushed enabling rules for miners, whereas elsewhere, authorities clamped down on the energy-guzzling sector, blaming it for energy shortages.

Miner Bitfufu inks take care of Bitmain for 80,000 miners

In additional mining information, Singapore’s BitFuFu (NASDAQ: FUFU) has signed a take care of China’s mining {hardware} large Bitmain to buy the latter’s newest mining machines.

BitFuFu introduced Thursday that it might purchase 80,000 BTC miners, together with the S21 Professional and S21 XP fashions, Bitmain’s most effective machines. The 2 firms have agreed on a versatile two-year fee plan, with BitFuFu capable of offset a number of the funds with inventory choices.