Holmes opined that BTC mining should be supported as a legitimate part of the energy grid.
During the campaign, Trump expressed that he wants “all remaining bitcoin to be mined in the US.”
Given his promises during the election campaign, Donald Trump’s re-election as president of the United States has generated positive expectations among Bitcoin (BTC) miners.
Among some of his promises, Trump stated that will increase the production of various energy sources and that will reduce the costs of electricity consumption, as well as promote the right to mine bitcoin.
In this sense, in order to acquire a closer notion of the possible impact that Trump’s second presidency will have on this industry, CriptoNoticias interviewed Frank Edward Holmes, Executive President (Executive Chairman) from the Canadian technology company dedicated to Bitcoin mining, HIVE Digital Technologies (HIVE).
The manager, and founder of HIVE in 2017, has emphasized the importance of using “green” energy in Bitcoin mining. So much so that he claims that HIVE was “the first Bitcoin mining company focused on renewable energy”
Holmes, an American businessman and investor, is also the CEO and Chief Investment Officer of US Global Investors, an investment management company based in San Antonio, Texas, United States. This company was acquired by Holmes in 1989.
Currently, HIVE is among the 15 BTC mining companies with the highest market capitalization with a figure of around 550 million dollars at the time of this article.
According to its latest report, this company owns a rate of hash (processing power) on the Bitcoin network of 5.3 EH/s (exahashes per second) and maintains 2,624 BTC in its position, which is equivalent to approximately 236 million dollars.
HIVE has BTC mining plants in Canada, Sweden and Iceland. In turn, this company began the construction of a new Bitcoin mining plant in Paraguay on November 11, for which it allocated the purchase of 6,500 Canaan Avalon A1566 mining equipment.
Since Donald Trump’s victory over Kamala Harris took place, both bitcoin and cryptocurrencies have seen their upward scalar quotes.
This brought relief to the minerswhich saw a notable increase in their profits, after a 2024 full of complexities and low profitability. However, Holmes’ concern, after Trump’s arrival to power, lies elsewhere.
“A favorable stance from a major administration is always encouraging for Bitcoin miners, especially in recognizing Bitcoin as a tool for economic freedom and property rights. At HIVE, we hope more regulatory clarity, as well as tax incentives and state cooperationwhich could create a more stable environment for miners and generate confidence in investors in the sector.”
The energy network and its correct distribution and use is a relevant topic for Holmes. For example, in previous statements to CriptoNoticias, he highlighted that in 2023, thanks to the energy produced by his mining plant in Quebec, Canada, he could provide heat to a nearby factory five times larger.
Indeed, Holmes pointed to the measures that Trump, when he assumes his second US presidency, offer optimized access to energy for miners.
«Measures such as optimizing energy infrastructure and protecting miners’ property rights would be highly beneficial. Support Bitcoin mining as a legitimate part of the energy network “It can improve energy resilience and encourage the use of sustainable, wasted or underused energy sources, something that at HIVE we have advocated from day one.”
Continuing with this theme, and alluding to one of Trump’s promises that he would reduce the costs of electricity consumption, Holmes was, although cautious, also optimistic. It is known that the cost of electricity for BTC miners is an elementary guideline, which leads them to settle in places where energy is cheap or can come from sustainable sources.
«Reducing electrical costs is a ambitious but achievable goal through policies that encourage competition in the energy market and promote sustainable practices. By optimizing energy costs, miners like HIVE can continue to operate efficiently, demonstrating the industry’s potential to positively contribute to the economy.”
Donald Trump will increase the number of oil drilling
As far as environmental concerns are concerned, Donald Trump announced that he will increase the number of oil drilling in order to increase energy production, which would help lower costs. This initiative, in turn, could alarm those environmental protectionists who consider these practices as aggressive.
In this sense, Holmes responded to whether Trump’s victory could intensify environmental concerns towards Bitcoin mining in the United States.
«Environmental concerns remain important, but the central thesis of HIVE is secure the Bitcoin network sustainably. By harnessing renewable and surplus energy, HIVE demonstrates that industry does not have to conflict with environmental goals. “In fact, with more companies like ours using sustainable energy sources, Bitcoin mining could show a clear path toward greener industrial practices.”
Additionally, Holmes expressed his expectation of future changes in the technological infrastructure of the United States under the Trump administration that could benefit or harm Bitcoin mining.
“I think we will see growth in nuclear power across the industry, driven by investments like the more than $500 million AWS will commit to nuclear power. We hope to see investments in energy infrastructure, especially in renewable technologies and smart networks, which would greatly benefit Bitcoin mining.
Will Trump’s desire to mine all the remaining Bitcoin in the US be possible?
On the other hand, during the election campaign, one of Trump’s most resonant statements regarding the Bitcoin mining industry was that he intends for “all the remaining Bitcoin to be mined in the United States.” Faced with this Trump utopia, Holmes seemed distant.
“Although ambitious, global competition makes it nearly impossible for all mining to be concentrated in the United States. The decentralized nature of Bitcoin It is one of its main strengths, as it is resistant to control by any nation, including the United States. Bitcoin mining operates through a form of political game theory, where competition between countries for mining advantage only strengthens the network. “This decentralization guarantees stability and autonomy, giving the United States the opportunity to lead in innovation without compromising the decentralized security of Bitcoin.”
Trump will take office with a majority of pro-cryptocurrency congressional officials
Congress under the Trump administration will be the “most pro-cryptocurrency” in US history. It is evident that, faced with a greater number of Senators and Representatives in the Chambers of Congress, Trump would, a priori, have the clearest path to promote his bills linked to cryptoassets.
Holmes was enthusiastic about this circumstance and its possible impact on other countries that could replicate this support for Bitcoin and cryptocurrencies.
«Yes, a pro-crypto Congress could set a benchmark for other nations. At HIVE we believe that clear and supportive policies encourage sustainable growth and innovation in the industry. With strong support, other countries could see the benefits of a similar approach and follow suit, improving Bitcoin’s global utility.”
Trump also spoke out against CBDCs. CBDCs (Central Bank Digital Currency) are digital currencies issued and controlled by the central banks of each country. Regarding them, the new president-elect stated that “mining will be the last line of defense against CBDCs.”
The Executive President of HIVE, with a position close to Trump in this regard, emphasized the relevance of the decentralized nature of Bitcoin and the financial autonomy it grants to individuals.
«Bitcoin mining provides decentralized control compared to centralized digital currencies, preserving individual financial autonomy and property rights. At HIVE, we see this as reinforcing Bitcoin’s role as a secure store of value, allowing people to maintain control of their assets without interference.
Holmes highlights that Bitcoin mining can use “wasted” energy
Trump believes that Bitcoin mining can make the United States dominate in energy matters. In this regard, Holmes alluded to what he considers to be a distinctive feature of Bitcoin.
«The unique ability of Bitcoin mining to use wasted or surplus energy aligns well with the vast energy resources of the United States. By harnessing underutilized or renewable sources, Bitcoin can turn surplus energy into an economic store of value, a thesis that HIVE has embraced since making history as the first public miner in 2017.
In continuity with this topic, Holmes developed his idea about the use that Bitcoin miners can give to surplus energy that would otherwise not be used.
“The Bitcoin miners can act as flexible energy buyersconsuming energy when there is a surplus and reducing demand when it is high. “HIVE’s operations in Sweden are a clear example, demonstrating how Bitcoin mining can complement the stability and efficiency of electrical grids while harnessing excess energy that would otherwise be wasted.”
2024 was a year, until October, that was unprofitable for Bitcoin miners
Ultimately, as Bitcoin mining profitability fell from July to October, Holmes addressed the potential benefits of Trump’s low interest rate policy initiative.
«Lower interest rates could make the capital is more accessible, allowing for greater growth in the sector and helping companies like HIVE to invest in sustainable infrastructure, equipment and technologies. “This could boost our industry, allowing Bitcoin mining companies to innovate further and operate more efficiently.”
In this way, just as Frank Holmes expressed his expectations for a future with a better context for Bitcoin mining, the industry hopes that the arrival of Trump to a new presidency can provide a prolific framework for the sector.
