Key Points:
- Frank Holmes, CEO of U.S. Global Investors and chairman of HIVE Digital Technologies, is increasing bitcoin mining operations in Paraguay.
- Following Ethereum’s transition to Proof-of-Stake, HIVE is adapting its GPUs for AI applications.
- The company is committed to renewable energy sources, planning significant infrastructure growth by 2025.
- Holmes will speak at the Consensus festival in Toronto from May 14-16.
Frank Holmes has built a prominent career as a money manager, primarily with U.S. Global Investors since 1989, focusing on various sectors including gold mining and financial products for the airline industry.
He also leads HIVE Digital Technologies, a bitcoin mining firm with a market cap of $345 million, which is significantly expanding its operations in Paraguay following the acquisition of facilities from Bitfarms. The firm was created after his attempt to launch a spot bitcoin ETF in 2017.
HIVE has prioritized sustainability, starting with geothermal energy in Iceland and hydro-power in Sweden. They expect to have 430 megawatts of operational capacity by Q3 2025, enough to power a city of 86,000 homes.
Holmes will be speaking at the BTC & Mining Summit during the Consensus 2025 conference on May 14-15.
In a recent discussion, Holmes elaborated on HIVE’s repurposing of GPUs for AI following Ethereum’s shift. He also highlighted the difference between basic ASIC miners and Nvidia chips, emphasizing the need for different skill sets and facilities.
In addressing the impact of the Trump administration’s tariffs, Holmes expressed a strategic decision to maintain neutrality regarding U.S. regulations while expanding in Paraguay. He noted that previous disruptions with Bitfarms created an opportunity for expansion.
HIVE’s operations in Paraguay are poised for rapid growth, with future plans extending beyond current operations, including potential expansions into East Africa, particularly Ethiopia, which has abundant stranded electricity.
Holmes believes that the mining industry needs more expansion and decentralization, contrasting with many major U.S. corporations’ current focus on accumulating bitcoin rather than mining it.
Contact Information: Frank Holmes is open to the possibilities that lay ahead in the mining sector, emphasizing HIVE’s commitment to innovative energy solutions and sustainable growth.
