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Bitcoin miner Hive taps Paraguay for low-cost energy partnership

Several crypto-focused organizations — including Bitcoin (BTC) mining companies — are eyeing a US return, primarily driven by uncertain geopolitical tensions. Still, BTC miner Hive Digital Technologies is doubling down on the untapped potential of the Latin American (LATAM) market.

In an exclusive interview with Cointelegraph, Hive Digital Technologies’ president and CEO, Aydin Kilic, said that Paraguay presents a compelling long-term opportunity equipped with “geopolitical stability, low-cost hydro energy, and a government open to foreign investment”.

Picking up from where Bitfarms left off

Hive acquired Bitfarms’ 200 megawatt (MW) Yguazú facility for $56 million in January. Phase one infrastructure of a 100 MW data center at the site was completed in April, supporting five exahashes per second (EH/s) of application-specific integrated circuit (ASIC) mining.

Hive plans to expand to 300 MW of mining facilities in Paraguay in 2025. It aims to increase its hashrate to 25 EH/s by September.

Related: Bitfarms sells Paraguay site to Hive for $85M, refocuses on US

The CEO said Hive has spent over a year cultivating strong, cooperative relationships with local stakeholders in Paraguay. “We are investing in local hiring, training programs and strong vendor partnerships. Our goal is to create a local ecosystem of support that keeps costs stable while boosting uptime and efficiency,” he added.

While there was a proposed ban on crypto mining in Paraguay due to the pressure it poses on the country’s electricity supply and potential rising electricity prices, Aydin said that their team is actively involved with policymakers to support clarity and cooperation in mining legislation.

Hive embraces global diversification to hedge against geopolitical risks

Hive has data centers in Canada, Sweden and Paraguay. Contrasting with its ongoing LATAM expansion, the miner is relocating its headquarters to San Antonio, Texas. 

“Our growing presence in North and South America creates a balanced footprint resilient to geopolitical or trade policy shocks,” Kilic said.

The US tariff on China raised concerns about the rising cost of mining equipment, like ASICs. Kilic told Cointelegraph that they have diversified sourcing channels for ASICs and electrical components to avoid single-region dependencies. 

Related: Bitcoin miners should pay costs in depreciating currency — Ledn exec

To ensure scaling from six to 25 EH/s, the CEO said the company has locked in key ASIC orders, secured power access through long-term power purchase agreements, and expanded engineering capacity across three continents to deal with market and technological uncertainties.

Profitability in Bitcoin mining is ultimately a physics equation

Kilic sees Bitcoin mining profit as a physics equation. He told Cointelegraph that capital and operational expenses depend on hashrate-sensitive analysis to seek the most accretive way to fund their business through BTC treasury and ATM sales.

While the solo mining community may have more difficulty making profits, the CEO suggested the focus should be on the variables it can control: “Whether you run one rig or ten thousand, it comes down to controlling inputs like opex, power costs, and machine uptime to drive predictable outputs —  maximizing energy efficiency, minimizing downtime and being disciplined with treasury management.”

Magazine: Korea to lift corporate crypto ban, beware crypto mining HDs: Asia Express

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BitGo secures VARA license amid regulatory crackdown

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BitGo secures VARA license amid regulatory crackdown

BitGo secures VARA license amid regulatory crackdown

Dubai’s regulator announced it had issued financial penalties against 19 companies related to digital asset activities amid approval for BitGo’s MENA entity.

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Tetchy Badenoch criticised me for asking hard questions – but leadership challenge talk won’t go away

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Tetchy Badenoch criticised me for asking hard questions - but leadership challenge talk won't go away

In the 11 months since Kemi Badenoch has become party leader, the Conservative Party has dropped from 26% to 17% in the polls.

It has lost nearly 700 council seats, 16 councils, while 18 senior Tories have defected, including one of the party’s great thinkers, Danny Kruger.

Politics Live: Tory councillors defect to Reform

Her personal poll rating, minus 47, is worse than the lowest ebb of Iain Duncan Smith’s fated leadership and worse than when Boris Johnson resigned.

To rub salt into the wounds, a Sky News/YouGov poll this week found that the majority of Tory members think Robert Jenrick should be the leader, while half don’t think she should lead them into the next general election.

Being leader of the Opposition is often described as the hardest job in politics, but for Badenoch, with Reform stealing the march as the party of the right, it looks pretty much impossible.

For someone who needs to try to win people over, Badenoch has a curious style. She likes to be known as a leader who isn’t afraid of a fight and, at times, she approached our interview at the Conservative Party conference as if she was positively looking for one.

More on Kemi Badenoch

A few times in our interview when I asked her a question she didn’t like, or didn’t want to answer (it is my job to ask all politicians hard questions), she seemed tetchy.

And when I deigned to ask her whether she admired Nigel Farage, she criticised me for asking the question. She asked why I was not asking her if I admire Sir Keir Starmer or Sir Ed Davey.

Her approach surprised me, as I had asked the prime minister exactly the same question a week before. He’d answered it directly, without arguing over why I had asked it: “I think he is a formidable politician,” said Sir Keir.

Badenoch told me she didn’t understand the question, and then told me she wasn’t interested in talking about him. It made for an awkward, ill-tempered exchange.

The facts remain that Farage is topping the polls, helped by Labour’s collapsing support and the Conservatives’ deep unpopularity.

And in the run-up to our interview, Reform drip-fed the news that 20 Tory councillors were defecting to Farage’s party.

There is open talk in Badenoch’s party about whether the Tories will need to try to come to some sort of agreement with Reform at the next election to try to see off Labour and ‘progressive parties’.

Farage says absolutely not, as does Badenoch – but many in her party do not think she has that luxury.

Andrew Rosindell, MP for Romford, told GB News he’ll lose his seat unless the two sides “work together” and said the right must unite to defeat the left. Arch-rival Robert Jenrick pointedly refuses to rule it out, saying only it’s “not the priority”. Meanwhile, party members support an electoral pact by two to one, according to our Sky News poll.

On the matter of whether these MPs, and party members, have a point, Badenoch bristled: “It is important that people know what we stand for. Robert Jenrick is not the leader of the Conservative Party, neither is Andrew Rossindell. I am the leader of the party and we are not having a coalition or a pact with Reform.”

Read More:
Jaunty Jenrick: a leader’s speech in all but name
Kemi Badenoch praises Thatcher but faces fight with grandees

When I ask colleagues if they think Badenoch is too aloof, too argumentative, too abrasive to lead this rebuild, the popular refrain for her supporters is that she is “a work in progress” and that it would be madness to change the leader again.

The question is, will she be given the time to develop? The plot to oust her is active and much of the chatter around this conference is whether she might be challenged before or after the May local elections.

There are some colleagues who believe it is better to give her more time to turn things around and, if May is truly dreadful and the party goes further backwards, remove her then.

Ahead of conference, when asked by Tim Shipman of the Spectator whether she would resign if the Conservatives go backwards in May, she said rather cryptically “ask me after the locals”.

When I asked Badenoch why she said that she replied, “let’s see what the election result is about”.

When I explained that it sounded rather like she might throw in the towel after next May and so was seeking clarification, she told me that I was asking irrelevant questions.

“Your viewers want to know how their lives are going to be better. Not be inside the Westminster bubble politics of who’s up, who’s down… It’s part of the reason why the country is in this mess. Perhaps if people had scrutinised Labour’s policies instead of looking at just poll ratings, they would be running the country better.”

But Tories are looking at poll ratings and there is a view from some in the party that if the Tories wait until another drubbing in the May local, Scottish and Welsh elections, there might not be much of a party apparatus left to rebuild from.

More than half of Tory members want pact with Reform
Image:
More than half of Tory members want pact with Reform

In short, there is not a settled view on when a challenge might come, but with the party in the position it is in, talk of a challenge will not go away.

Badenoch wants to make the case that her “authentic conservatism” is worth sticking with and that the policies the Conservatives are announcing will give them a pathway back.

On borders, the Tories are trying to neutralise Reform with a very similar offer. On the economy and welfare cuts, they hope they can beat Labour and Reform.

But really, the question about this party and this leader is about relevance. The prime minister didn’t even bother to name check Badenoch in his conference speech, while Davey trained his guns on Farage rather than his traditional Tory rival.

Badenoch may not like being asked about Reform, might – in her words – not be interested in Reform, but her former voters, and the country, are. The enormous challenge for her in the coming months is to see if she can get them to look at her.

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How XRP’s legal victory turned it into Wall Street’s favorite crypto

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How XRP’s legal victory turned it into Wall Street’s favorite crypto

How XRP’s legal victory turned it into Wall Street’s favorite crypto

XRP’s legal victory reshaped investor confidence, establishing it as a preferred choice for investors seeking regulated, liquid crypto assets.

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