RETRANSMISSION: HIVE Digital Announces April 2024 Bitcoin Pr RETRANSMISSION: HIVE Digital Announces April 2024 Bitcoin Production with 5 Exahash and HODL Grown to 2,377 Bitcoin
2024-05-08 06:01 ET - News Release
This news release constitutes a "designated news release" for the purposes of the Company's amended and restated prospectus supplement dated August 17, 2023, to its short form base shelf prospectus dated May 1, 2023.
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE") a pioneer in green energy-powered blockchain infrastructure, proudly announces its unaudited production figures for April 2024. In April the Company mined 212 Bitcoin, increasing its Bitcoin holdings by 4%, now totalling 2,377 Bitcoin on the balance sheet. HIVE maintained an average Bitcoin mining capacity of over 4.9 Exahash ("EH/s") in April 2024 (all amounts in US dollars, unless otherwise indicated).
April 2024 Highlights:
- Production: Mined 212 Bitcoin in April 2024.
- Mining Capacity Increase: Ended April with a 5.0 EH/s ASIC mining capacity, a notable 6% increase in month-end hashrate.
- HODL Position: Increased to 2,377 BTC, a 4% increase from the prior month.
- Mining Efficiency: Achieved an average of 43.6 Bitcoin per Exahash, with a consistent average hashrate of 4.9 EH/s, and an 8% increase in monthly average hashrate.
- Daily Production: Averaged a production of 7.1 BTC per day, showcasing operational efficiency and robust mining capabilities.
Strategic HODL Increase:
As of May 6, 2024, HIVE's HODL position grew to 2,400 BTC, up from 2,377 BTC at the end of April 2024.
This growth aligns with the Company's strategy to anticipate increased demand for BTC, particularly after the launch and approval of spot Bitcoin ETFs. HIVE continues to focus on maximizing cash flow return on invested capital (CFROIC) per share while being mindful of shareholder dilution. Like the last Bitcoin halving four years ago, we remain optimistic about generating operating income and continue upgrading our suite of ASIC chips for more energy-efficient Bitcoin mining. We are also excited about the progress in our high-performance computing (HPC) strategy, repurposing our suite of Nvidia chips to meet the global demand for AI data services. This growth remains on track as anticipated and, most importantly, is generating expanding positive operating income.
Executive Insights:
Frank Holmes, Executive Chairman, commented on the Company's strategic vision: "Our HODL position is healthy, especially on a per-share basis compared to our peers. We ended the month with approximately $150 million in Bitcoin, which is approximately $100 million more than last year when Bitcoin was $29,290 at April 30, 2023 and $63,839 this year at April 30, 2024 which is more than a 100% surge. After mark-to-market treatment this becomes a significant asset on a per share basis relative to our peers, with amongst the lowest G&A costs per Bitcoin mined and less than 110 million shares outstanding."
Halving Preparation:
Aydin Kilic, President and CEO, emphasized the Company's technological stability: "We recently achieved our interim target of 5.0 EH/s in April. With the arrival of the remaining Bitmain S21 Antminers in May and June, we expect to reach 5.5 EH/s and achieve a global average fleet efficiency of 25 joules per terahash. Based on current difficulty, this will bring our Bitcoin breakeven price point after the recent April 19th Bitcoin halving and operating costs to approximately $45,000."
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. went public in 2017 as the first cryptocurrency mining company listed for trading on the TSX Venture Exchange with a focus on sustainable green energy.
HIVE is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns and operates state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we endeavour to source green energy to mine digital assets such as Bitcoin on the cloud. Since the beginning of 2021, HIVE has held in secure storage the majority of its treasury of BTC derived from mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of Bitcoin. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.
Environmental Sustainability:
- Green Energy: By sourcing green renewable energy, HIVE is committed to environmental responsibility, positioning itself as a leader in sustainable cryptocurrency mining.
- Competitive Advantage: We believe this environmentally conscious approach sets HIVE apart from competitors and aligns with evolving investor preferences.
Expansion into AI Strategy:
- Diversification: HIVE's diversification into HPC enables us to support artificial intelligence (AI) using Nvidia GPU chips, showcasing our adaptability and innovation beyond traditional Bitcoin mining.
- Revenue Streams: This strategic move into HPC broadens HIVE's revenue streams and places it at the forefront of technological advancements in both cryptocurrency and AI industries.
HIVE's unique value proposition encompasses efficient operations, a proven agile management team, financial strength, environmental sustainability, and innovative expansion strategies. Beyond Bitcoin mining, HIVE is firmly part of the global boom in data center infrastructure, sourcing primarily green renewable energy.
HIVE presents a unique growth opportunity with over 2,300 Bitcoins on its balance sheet and growing revenue from its suite of Nvidia GPU chips powering data services for the AI revolution.
We encourage you to visit HIVE's YouTube channel here to learn more about HIVE.
For more information and to register to HIVE's mailing list, please visit www.HIVEdigitaltechnologies.com. Follow @HIVEDigitalTech on Twitter and subscribe to HIVE's YouTube channel.
On Behalf of HIVE Digital Technologies Ltd.
"Frank Holmes"
Executive Chairman
For further information please contact:
Frank Holmes
Tel: (604) 664-1078