As the Bitcoin mining industry matures and faces both new opportunities and challenges, some companies are doubling down on international growth, sustainability, and strategic positioning. Hive Blockchain is one of them.
At the recent Paris Blockchain Week 2025, Aydin Kilic, CEO of Hive Blockchain, shared insights on the company’s bold expansion plans, the potential impacts of U.S. political shifts under Trump on the mining landscape, and why Paraguay is emerging as a focal point for the company’s investments over Texas.
International Mining Effort and Trump’s Impact on the Market
Historically recognized as a Canadian player, Hive is evolving as its corporate center of gravity shifts. “We recently announced that our HQ is moving from Vancouver to San Antonio, but we still have the office in Vancouver,” Kilic shared. “Being domiciled in the U.S. helps us qualify for U.S. indexes, which is crucial for exposure and investor positioning.” Despite this shift, their mining operations remain international, strategically avoiding importing ASICs into the U.S. to sidestep tariffs.
Kilic drew a correlation between the political landscape and mining outcomes. He recounted, “Bitcoin soared to unprecedented heights following Trump’s election, reaching $108,000, which stirred significant excitement within the industry, as there were hopes for pro-Bitcoin, pro-mining policies from his administration.”
He reminisced about a pivotal moment during Trump’s appearance at the Nashville Bitcoin conference, noting its significance: “It’s the first time a presidential candidate and now president has spoken at the Bitcoin conference. That signaled big things.”
Introducing the concept of the ‘American electro-dollar’, Kilic explained the evolution of the U.S. dollar from being gold-backed to the petrodollar, and now, as a potential product of Bitcoin mining backed by energy.
Paraguay: Hive’s New Mining Powerhouse
Despite the buzz surrounding the U.S. market, Hive’s most promising operational initiatives are situated in South America. “We expanded into Paraguay—300 megawatts. Very exciting,” Kilic exclaimed, noting their rapid scaling efforts. “We just energized last week and have approximately 1,000 machines running at 100 petahash, with plans to install thousands more weekly.” By October, Hive anticipates achieving around 25 Exahash, equating to about 3% of the global Bitcoin network.
The major allure of Paraguay lies in its renewable energy capabilities. “The Itaipu Dam, a 10.4-gigawatt hydro dam, feeds our site and supports our operations,” Kilic elaborated. Additionally, he emphasized Hive’s commitment to social responsibility, highlighting ongoing efforts to provide electricity to local schools, marking contributions to sustainability.
Cracking the ASIC Hardware Challenge
Demonstrating innovation, Hive has joined forces with Intel to craft custom ASIC miners, known as the BuzzMiners. “We built 10,000 BuzzMiners—serving as a hedge against reliance on the leading manufacturers like Bitmain and MicroBT,” Kilic explained, showcasing a strategic foresight.
Kilic’s background as an electrical engineer informed his approach towards the project. “We sent our quality assurance lead to the factory town for two months to ensure attention to detail across system integration, power supply, and thermodynamics,” he noted, underscoring the complexity of ASIC design.
Despite Intel’s exit from the mining chip market, Hive’s investment yielded profitable outcomes. “We’ve ROI’d on two of the three batches, and the machines are still mining today, with plans to send them to Paraguay,” Kilic shared.
What’s Next: A Transformative Year Ahead
As for the upcoming year, Kilic is optimistic, expecting Hive to reach 25 Exahash—a fourfold growth which could elevate the company’s market cap beyond $1 billion. He also anticipates a resurgence in the broader market as political and economic uncertainties stabilize.
“Historical patterns show that after halving events, the hash price typically surges to two or three times higher. We’re excited about the potential ahead,” Kilic stated. He plans to visit Paraguay frequently as new expansion phases come online.
With global shifts and ambitious goals looming, Kilic remains grounded in his perspectives. “While I maintain a positive outlook for the U.S. as a business jurisdiction, our immediate focus is on Paraguay—scaling, renewable energy, and building for the future,” he concluded.
The insights from Aydin Kilic, as shared at Paris Blockchain Week, provide a glimpse into the dynamic landscape of Bitcoin mining and highlight Hive Blockchain’s strategic positioning as it embraces new challenges and opportunities in a rapidly evolving industry.
