The comments reflect a broader trend in which governments cut off from traditional financial systems are leveraging crypto mining to fill economic gaps.
Holmes said this is not limited to Iran, implying that other countries facing US sanctions are also participating in similar operations, though much of it remains undisclosed.
He further claimed that Bitcoin has become a strategic asset, especially for nations struggling to access dollars. Mining provides a direct route to accumulate value outside the traditional financial ecosystem.
Holmes said that disruptions to mining facilities can now be observed in network-level data such as hash rate fluctuations.
While pointing to adversaries of the US using crypto mining as a financial lifeline, HIVE Digital is pursuing growth in U.S.-aligned nations.
Paraguay’s supportive regulatory stance and energy resources make it a key location for HIVE’s expansion, particularly compared to more politically volatile countries in the region.
The move comes amid growing sentiment that Bitcoin mining will continue to flourish in jurisdictions aligned with U.S. economic interests, particularly under the current administration.
HIVE has now surpassed 14 exahashes per second (EH/s) in mining capacity, with a goal of reaching 25 EH/s by the end of November. At current output, the company is generating approximately $315 million in annualized revenue, placing it among the top contenders in terms of efficiency and scale.
The remarks highlight a shifting landscape where mining activity is not just about profitability, but increasingly intertwined with global alliances, sanctions evasion, and power projection through digital infrastructure.
