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Ruholamin Haqshanas
Author
Ruholamin Haqshanas
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Bitcoin mining firm Hive Digital Technologies has announced plans to move its headquarters from Vancouver, Canada, to Texas.
The company attributed the decision to the pro-Bitcoin policies anticipated under the incoming administration of President-elect Donald Trump, according to a statement released on December 31.
Hive said that Texas is a prime destination due to its favorable business climate, robust energy infrastructure, and access to skilled talent.
US Leadership in Crypto Makes it an Ideal Location
Hive claimed that the United States’ leadership in cryptocurrency innovation made it an ideal location for its headquarters.
“The depth and breadth of U.S. capital markets are unparalleled and key to our growth strategy. The U.S. market, with its $40 trillion capitalization and daily trading volumes of $500 billion, offers HIVE the liquidity, visibility, and valuation opportunities we need to scale,” Frank Holmes, Hive’s executive chairman, said.
Texas has emerged as a hub for Bitcoin mining, hosting major players like Riot Platforms, Marathon Digital, Bitdeer, and Core Scientific.
The state’s energy resources and business-friendly environment have made it a preferred choice for mining firms seeking operational efficiency and regulatory stability.
Trump’s public support for Bitcoin mining further solidifies Hive’s strategic move.
In a June 13 post on Truth Social, Trump declared his intent to ensure that all remaining Bitcoin is mined in the U.S., describing it as a step toward achieving energy dominance.
This aligns with his discussions with industry leaders, including Riot Platforms CEO Jason Les, earlier this year.
Hive joins a growing number of crypto companies anticipating favorable regulatory developments under the Trump administration.
U.S. Considering Bitcoin Reserve
The U.S. is considering a Bitcoin reserve bill, championed by Senator Cynthia Lummis, which would place Bitcoin under Treasury management.
It is worth noting that U.S. states are also beginning to explore the inclusion of Bitcoin in their reserves.
As reported, Ohio is the latest state to join this movement, with House Republican leader Derek Merrin introducing a bill aimed at adding Bitcoin to the state’s treasury reserves.
This initiative aligns with recent efforts by Texas and Pennsylvania to establish Bitcoin reserves.
On December 12, 2024, Texas Representative Giovanni Capriglione introduced the Texas Strategic Bitcoin Reserve Act, which proposes that the state comptroller maintain Bitcoin as a reserve asset for at least five years.
Similarly, Pennsylvania made strides in November with Representative Mike Cabell’s proposal to allocate up to 10% of the state treasury’s balance sheet to Bitcoin.
Beyond state governments, corporate players are also expanding their Bitcoin holdings.
MicroStrategy and Metaplanet, both well-known corporate Bitcoin holders, have increased their reserves significantly.
Additionally, MARA Holdings (MARA) announced on December 10 that it had acquired 11,774 BTC, further bolstering its position in the market.
Likewise, Riot Platforms, a Bitcoin mining company, announced plans to raise $500 million through a private bond offering to bolster its Bitcoin reserves further.
