HIVE Digital Technologies (HIVE) mined 3,260 Bitcoins in 2023
HIVE Digital Technologies Ltd. (HIVE) is pleased to announce summary unaudited production figures for the Company’s global Bitcoin operations for calendar year 2023. Production amounted to 3,260 Bitcoin mined and hash rate increased by 100% in calendar year 2023, from 2 Exahash per second (“EH/s”) at the end of December 2022 to 4 EH/s at the end of December 2023 (all amounts in US dollars, unless otherwise indicated).
HIVE has maintained approximately 1% of the global Bitcoin mining network through 2023, mining an average of approximately 9 Bitcoin per day throughout the entire calendar year of 2023, maintaining a growing hash rate throughout the year, which overall has kept pace with the Bitcoin mining network hashrate growth. With the Bitcoin mining network’s total daily block rewards averaging 900 Bitcoin per day, or 328,500 Bitcoin in a calendar year, HIVE earning 3,260 Bitcoin by calendar year 2023 is about 1% of the mining network of Bitcoin.
Throughout calendar 2023, the Bitcoin mining network continued to attract more efficient ASIC machines to compete for the 900 new Bitcoin mined per day, as the HIVE network hashrate grew by approximately 2 EH/s since early 2023. at approximately 4 EH/s at the end. 2023. Consequently, the mining difficulty1 also increased approximately 100% year over year, from January 1, 2023 to December 31, 2023, according to www.blockchain.com. This is how HIVE maintained approximately 1% of the total Bitcoin rewards mined in calendar 2023.
HIVE ended calendar year 2023 with approximately $17 million in cash and a Bitcoin HODL position of 1,704 BTC. As mentioned in the Company’s press release dated December 19, 2023, the Company’s HODL strategy is such that it anticipates being able to HODL all of its Bitcoin until the next Halving, which is expected to be in April 2024, after which will determine the amount of new Bitcoin mined. per day will be reduced to 450 Bitcoins per day.
Bitmain S19k Pro Update
HIVE also announces that, following its press releases of November 14, 2023 and December 4, 2023, the 9,800 Bitmain S19k Pro Antminers ordered by the Company have been shipped. Currently approximately 70% have been installed and 100% of these machines are expected to be installed before the end of the month of January 2024. Once these miners are installed, HIVE is expected to have 4.8 EH/s ASICs with an average fleet efficiency of 28.7 J/TH.
Furthermore, following its press release on December 21, 2023, upon completion of the installation of the 7,000 Bitmain S21 Antminers ordered in December 2023, which will begin in January 2024 and is expected to be completed in June 2024, it is expected that that HIVE will have an average fleet efficiency of 25 J/TH and a total of 5.6 EH/s of active mining capacity.
