- HIVE Digital Technologies (TSXV:HIVE), a global crypto mining stock, is reporting unaudited production of 116 Bitcoin in July, representing a 2 per cent increase to its total holdings month-over-month
- The company now holds 2,533 units of the world’s largest cryptocurrency on its balance sheet valued at more than US$164 million as of Wednesday
- HIVE is a cryptocurrency mining and high-performance computing company with operations in Europe and North and South America
- HIVE Digital stock has given back 29.52 per cent year-over-year, but has gained 175.29 per cent since 2019
HIVE Digital Technologies (TSXV:HIVE), a global crypto mining stock, is reporting unaudited production of 116 Bitcoin (BTC) in July, representing a 2 per cent increase to its total holdings month-over-month.
The company achieved the milestone with average mining capacity of more than 4.7 Exahash (EH/s), unchanged from June, which works out to 24.6 BTC per Exahash or 3.7 BTC per day. Here’s how production breaks down year to date:
- January: 234.6 BTC.
- February: 200 BTC.
- March: 224 BTC.
- April: 212 BTC.
- May: 119 BTC.
- June: 119 BTC.
HIVE now holds 2,533 units of the world’s largest cryptocurrency on its balance sheet valued at more than US$164 million as of Wednesday. It plans to significantly increase revenue, operational flexibility and long-term BTC holdings with a new 100 MW mining facility in Paraguay that will boost its hashrate to more than 12 EH/s by next year.
Bitcoin has added more than 50 per cent year to date thanks to robust adoption of spot ETFs in the United States, whose total assets have surpassed US$60 billion since their January inception, according to ETF.com. The cryptocurrency’s market capitalization stands at US$1.27 trillion as of 9:11 am ET, according to CoinMarketCap, with one coin going for approximately US$64,500.
Leadership insights
“We have made three purchases of new generation ASICs to prepare for the Bitcoin halving which occurred in April 2024. These purchases include 7,000 Bitmain S21 Antminers at 200 terahash per second (TH/s), each with 17.5 joules per Terahash (J/TH) efficiency, and 2,500 S21 Pro Antminers at 234 TH/s each and 15 J/TH efficiency. These purchases represent approximately 2 EH/s of Bitcoin mining capacity with the industry’s newest and most efficient hardware. We are pleased to note all of these 9,500 ASIC miners have been delivered. As of press time, approximately 8,400 of these ASIC miners have been installed at our facilities in New Brunswick and Sweden, with the remaining 1,100 ASIC miners expected to be installed this week. This will bring our total installed Bitcoin mining capacity to 5.5 EH/s, with a global average fleet efficiency of 24.5 J/TH,” Aydin Kilic, HIVE Digital Technologies’ president and chief executive officer, said in a statement.
“We may elect to use firmware optimizations to downclock the power consumption of our legacy 30 J/TH ASIC models to increase their operating efficiency (improving their operating efficiency to 27-29 J/TH), which will reduce their total TH/s output,” Kilic added. “As a result, our total operating hashrate may vary from month to month. However, this is part of our strategy to have the best unit economics in Bitcoin mining, as the focus is to have the best gross mining margin possible to deliver value to shareholders. A testament to this strategy is the fact that HIVE has mined with positive gross mining margins through the last three years.”
About HIVE Digital Technologies
HIVE is a cryptocurrency mining and high-performance computing company with a focus on sustainable green energy. It owns and operates datacentre facilities in Canada, Sweden and Iceland, as well as over 38,000 commercial-grade NVIDIA graphic processing units, and has held the majority of its Bitcoin derived from mining rewards in secure storage since 2021.
HIVE Digital Technologies Ltd. (TSXV:HIVE) last traded at C$4.68 per share. The stock has given back 29.52 per cent year-over-year, but has gained 175.29 per cent since 2019.
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(Top photo: HIVE Digital Technologies)