HIVE Digital to build data center in Paraguay, targeting higher hash rate https://t.co/231n1xc4a6 pic.twitter.com/wdQfsgtwFh

— HIVE Digital Technologies (@HIVEDigitalTech) July 22, 2024

Engagement with Paraguayan Leadership

Following a tour of Paraguay and meetings with President Santiago Peña and his senior cabinet ministers, HIVE’s executive team has endorsed the country’s business-friendly environment. Frank Holmes, HIVE’s Executive Chairman, stated:

“We are thrilled to announce our plan for a 100 MW project in Paraguay, utilizing green and clean energy sourced from the Itaipu hydroelectric dam. This potential opportunity is expected to add up to an additional 6.5 Exahash per second (EH/s) to our Bitcoin mining operations, increasing our global EH/s to 12.1 EH/s.”

Expansion and Economic Impact

This new data center marks a significant milestone in HIVE’s efforts to expand its global footprint, which includes operations in Canada, Sweden, Iceland, and now Paraguay. Holmes added, “We are confident that this venture can deliver healthy returns and drive long-term value, fostering economic growth and innovation in the region.”

Stability and Infrastructure Development

Government fiscal policies on energy pricing and taxation will play a crucial role in HIVE’s future expansion in Paraguay. The 100 MW data center is projected to generate over $100 million in revenue for Paraguay’s government utility company over the next three years, demonstrating the economic impact of such infrastructure projects.

Local Economy and Sustainability

HIVE’s operations in Paraguay will create local jobs and support regional economic growth. The company will offer its expertise in grid balancing and demand response to support industrial development while leveraging surplus power assets. Paying energy bills in U.S. dollars, HIVE provides a stable income stream for the Paraguayan government, enhancing financial stability. Holmes emphasized:

“This commitment to sustainability benefits the environment and aligns with growing consumer demand for eco-friendly business practices, differentiating Hive’s strategy from industry peers.”

Fleet Upgrade and Equipment Acquisition

Continuing its commitment to maintaining a robust mining operation, HIVE has acquired an additional 500 Bitmain S21 Pro Antminers. HIVE’s Chief Operating Officer, Luke Rossy, commented:

“We have acquired an additional 500 Bitmain S21 Pro Antminers to maintain our cadence in upgrading our equipment every month. These units are expected to ship this month and are integral to our strategy of continually upgrading our fleet.”

A great #PowerMiningAnalysis podcast today as we welcomed @bulldogholmes the Executive Chairman and @aydinkilic the CEO and President of @HIVEDigitalTech to discuss their latest update and much more.

👉 https://t.co/ymSOC9czzd pic.twitter.com/dboZc9Vd7g

— Anthony P⭕️wer (@cazenove_uk) July 22, 2024

Increasing HODL Position

As of July 21, 2024, HIVE’s HODL position increased to 2,521 BTC, with a Bitcoin HODL value of over $170 million. This growth reaffirms the company’s strong financial standing relative to industry peers.

Incentive Grants to Foster Innovation

HIVE has granted 2,491,000 restricted share units (RSUs) to employees, officers, directors, and consultants, aligning their interests with the company’s long-term success. This move fosters a culture of innovation and resilience, encouraging employees to pursue creative and strategic initiatives crucial for sustained growth.

About HIVE Digital Technologies Ltd.

HIVE is a growth-oriented technology stock in the blockchain industry, focusing on sustainable green energy. The company operates data center facilities in Canada, Sweden, and Iceland, aiming to provide exposure to digital currency mining and the blockchain sector. By leveraging renewable hydroelectric power, HIVE minimizes its environmental footprint while contributing to the global transition toward greener energy solutions.

Join $HIVE in driving digital innovation:

🐝 Sustainable BTC mining
🐝 Strong asset holdings
🐝 AI and HPC data centers pic.twitter.com/ABFspPVTmM

— HIVE Digital Technologies (@HIVEDigitalTech) June 20, 2024

How Will This Impact the Future of Sustainable Bitcoin Mining?

HIVE Digital Technologies’ expansion into Paraguay represents a significant step forward in sustainable Bitcoin mining. By utilizing hydroelectric power, the company is setting a precedent for environmentally responsible cryptocurrency operations. How do you think this initiative will influence the future of sustainable Bitcoin mining globally? Share your thoughts in the comments below.

Photo by Regina Bordon on Unsplash

The post HIVE Digital Plans 100 MW Hydroelectric Data Center in Paraguay first appeared on Tech Insight.

Bitcoin Cash (BCC or BCH) is a new cryptocurrency founded on the Bitcoin blockchain system, but unrelated to Bitcoin in any other way. Designed as a way to increase the possible number of transactions within each block of the blockchain, BCH is suddenly becoming a hot topic.

Those faithful to Bitcoin see BCH as a sort of internal mutiny. Shifting mining power to a new alternative coin may have lasting impacts that are unforeseen at this early juncture, they argue. And they may be right. Already the high volatility of Bitcoin Cash seems to indicate that the altcoin has the power to really grow substantially. This would, of course, remove support from Bitcoin, moving market presence and power in a different direction.

Those who support Bitcoin Cash see a strong reason for the creation of the new cryptocurrency as a new stop-gap for the scalability problems facing Bitcoin. When Bitcoin was first conceived by the infamous ‘Santoshi Nakamoto’ (a nom de plume for the original builder(s) of Bitcoin), the number of transactions was minuscule, and the 1 MB per block transacting power was way more than enough. However, with the huge rise in Bitcoin trading, the blocks are now being overloaded and transactions are taking more and more time. An attempt to scale Bitcoin, effective August 1, took place, but in a manner that wasn’t sufficient for many who see the nearly limitless support and application of the coin. A ‘hard fork’ or a user initiated split in the currency, allows for recreation of the rules that govern the new coin (BCH in this case), and makes scalability simple and easy.

Regardless of which camp users may have supported before August 1, the fork has occurred and the interest in Bitcoin Cash is astronomical. The value of the coin has doubled (.08 BTC to .16 BTC) in just over 24 hours, and the volatility and trading appears to continue to be consistently heavy for some time to come.

Holders of Bitcoin before the fork should have received the BCH automatically, though many wallets and exchanges were not willing to support the new currency. However, with the fork having occurred, Bitcoin Cash is going to be worth some serious cash, and users will likely want to find a way to access those funds. If readers are interested in purchasing BCH, a number of exchanges support the freshly minted BCH, and can be accessed either through the link above or through BCHs’ own website.

The post What the Heck is Bitcoin Cash? first appeared on Tech Insight.

Scaling

The SegWit solution has created a new era of stability for Bitcoin, as the divided processing mechanism has instituted new and more rapid transaction speeds. The technology has opened a door for greater liquidity, as transactions are now simpler to process and faster, creating space for increased micro transactions. As the scaling crisis abates, the liquidity created by the change will produce a greater level of stability.

Liquidity and Stability

The increasing liquidity of the marketplace has created more numerous small-block transactions. The volatility of the Bitcoin marketplace has largely been due to large-block transactions which, when settled, had the power to shift prices drastically. While these large block transactions are still taking place and can disrupt the stability of Bitcoin, as the increased liquidity hits the market via small transactions, the large-block trades have far less effect on the prices.

This increasing stability has created a new foundation for the value growth. As the general public becomes more aware of Bitcoin via price increases, and volatility decreases, the market will continue to gain traction. Usability will continue to increase, and the values will continue to rise. Liquidity leads to stability, which leads to greater investment, and price increases.

Unlike other investment vehicles, then, Bitcoin’s price increases are actually a sign of strength. Even substantial increases like what has occurred over the past week are signs of greater stability, rather than volatility. The nature of Bitcoin as currency and asset has created a system that thrives on stability for Bitcoin (asset) but grows with liquidity (currency).

Future Growth

While many say that the values have peaked, the nature of the stability of Bitcoin would tell us differently. The value will continue to rise as mainstream adoption continues to grow. Liquidity and stability will draw greater numbers of users and investors into the marketplace, and prices will continue to rise. It would make sense to see Bitcoin over $5,000 before the end of the year, and perhaps higher, should mainstream adoption move rapidly.

Valuation of all currencies is based on public acceptance and usefulness. The value of a dollar, post gold standard, is only based on the usability in the marketplace and acceptance by users. Bitcoin is no different and will continue to gain traction.

The post Bitcoin Price Increases to $5,000? first appeared on Tech Insight.

Today the head of Fidelity (one of the largest asset management firms in the world with $1.9 trillion in assets) told the audience at the Consensus conference that she is a huge fan of bitcoin. Consensus is a technology summit for Blockchain – the tech that Bitcoin relies on for its security and third-party verification. Blockchain is a decentralized database system that requires full consensus for approval, thus making any single user incapable of tampering with any record without all the other users seeing the fault. This sort of self-policing security is what has Bitcoin a  household name in the tech world.

Bitcoin was the first, though not the last, of the digital Cryptocurrencies to solve what is affectionately referred to as the ‘double spending’ problem. The trouble with digital currencies is that they could potentially allow for double spending if the coin was able to be duplicated. The Blockchain system allowed Bitcoin to overcome this issue and made it the first widely accepted digital currency in the world.

And bitcoin has been doing well. If you had invested $100 in Bitcoin in 2010, you would now have well over $70 million. Yes – you read that correctly. $100 to $70+ million dollars in seven years. There’s simply no other monetary vehicle capable of producing these types of returns. And these kinds of numbers have made heads turn in the financial world. Hence Fidelity’s growing interest.

Fidelity is the only one of the major financial players that has made it possible for customers to see Cryptocurrency balances online if they have a Coinbase account already. This system will be available starting later this year. What’s more, they’ve set up a bitcoin mining group to work toward gaining an understanding of digital currency, but now the group is turning a good profit. Between mining themselves and now offering services, Fidelity is getting into the Bitcoin world in a bigger way. They’ve even allowed employees to use Bitcoin at the coffee shop in the lobby.

The question of whether the cryptocurrency system is able to handle the high-pressure needs of the financial world is still in play (for now the infrastructure doesn’t allow enough transactions to make it competitive on the global market), and the reality that digital currencies are here to stay is clear. The sheer power, anonymity, and returns have made investors in different sectors wake up and check out the system. While it may have started life as a fringe currency under lots of scrutiny, bitcoin has sustained itself and is grabbing up followers quickly. With Ethereum and other Cryptocurrencies coming online, there’s room for this tech world to grow.

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The post From the Fringe to the Front first appeared on Tech Insight.

50 Cent, the famous rapper had a genius idea back in 2014. He let fans purchase his album “Animal Ambition” with Bitcoin. Bitcoin was “only” worth $662 at the time and fans only had to pay a mere fraction of a single Bitcoin. The sales from that album campaign were over $400,000. Not bad, but nothing to write home about either.

But as we all know, Bitcoin has soared in value since 2014, with 2017 alone showing record climbs. And the best part, 50 admits he forgot he even had it. That means he never cashed out of his 700 Bitcoin, an estimated $7-8.5 million dollars.

Add 50 Cent to the list of crypto-genesius’ out there – 50 Cent and Bitcoin are now a thing.

50 Cent confirmed the report on his Instagram and Twitter accounts. He said, “Not bad for a kid from South Side, I’m so proud of me.” He even later admitted through a comment, “Ima keep it real, I forgot I did that shit lol.”

50 is lucky that he remembered his Bitcoin login info. If not, he’d join the illustrious ranks of all the other would-be millionaires who forgot their account info.

Instead, 50 Cent and Bitcoin become another of the success stories, and the rapper looks like a genius in the process. That Bitcoin investment paid off over 7 million times.

Many cryptocurrency enthusiasts jumped at the opportunity to welcome him to the community. And they were sure to give their own fifty cents on how he should use some of those Bitcoin to invest in other cryptocurrencies.

With Bitcoin value dropping in recent weeks, it’ll be interesting to see if 50 keeps his same tactic and leaves Bitcoin alone. Or, he could unload now while the value is still relatively high.

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The post What do 50 Cent and $8 Million Have In Common? Bitcoin. first appeared on Tech Insight.