HIVE Digital Technologies Ltd. (HIVE) is pleased to announce its unaudited production results for August 2024. The company successfully mined 112 Bitcoin, increasing its total Bitcoin holdings by 1%, bringing the balance to 2,533 BTC. HIVE also announced the acquisition of 1,000 Bitmain S21 Pro Antminers for immediate delivery to upgrade its existing set of machines, improving efficiency and overall mining capacity. HIVE maintained an impressive average Bitcoin mining capacity of over 5.0 Exahash per second (“EH/s”) throughout the month, all while continuing its commitment to green energy by primarily sourcing hydroelectricity to power its data centers (All amounts in US dollars unless otherwise stated.).
August 2024 Highlights:
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Production: 112 Bitcoin were mined in August 2024.
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Maintained mining capacity: We concluded the month with an ASIC mining capacity of 5.3 EH/s, achieving a combined fleet efficiency of 23 joules per terahash (“J/TH”).
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HODL Position: Bitcoin holdings rose to 2,533 BTC, reflecting a 1% growth from the previous month.
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Mining efficiency: It averaged 22.4 Bitcoin per Exahash, ending August with a capacity of 5.3 EH/s and a constant average hashrate of 5.0 EH/s.
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Daily production: It averaged 3.6 BTC per day, highlighting operational efficiency and strong mining capabilities.
Strategic HODL Increase:
HIVE emphasizes that with a Bitcoin HODL value of over $164 million as of August 31, 2024, the Company’s enterprise value remains attractive compared to its industry peers.
Executive Perspectives:
Frank Holmes, Executive Chairman, commented: “We remain focused on our strategy of maintaining the lowest general and administrative expenses per bitcoin mined, maximizing cash flow return on invested capital, and achieving high revenue per employee while minimizing share dilution. Our disciplined approach, supported by a global team operating across nine time zones, positions HIVE as one of the most efficient bitcoin mining operations with an attractive EV/EBITDA multiple, with over 2,500 clean, green bitcoins on our balance sheet.”
Aydin Kilic, President and CEO, added: “Over the past month, we have optimized the performance of our fleet, achieving an average hash rate of approximately 5.2 EH/s by fine-tuning the firmware of our 30 J/TH machines, improving their efficiency to 27-28 J/TH. This has led to an overall fleet efficiency of approximately 23 J/TH. We plan to continue this optimization over the next nine months, upgrading our remaining 30 J/TH ASICs. This will increase our installed hash rate on existing facilities to 6.9 EH/s with a combined fleet efficiency of 19 TH/s.”
He further noted: “To support this strategy, we have purchased 1,000 Bitmain S21 Pro Antminers for immediate delivery to upgrade our existing equipment stack. In addition, we have purchased 300 Bitmain S19 XP miners to make the most of the available rack space at our Lachute facility. These machines were purchased and installed in August.”
With this monthly upgrade strategy, HIVE’s updated target hash rate is projected to reach 13.5 EH/s, with a global combined fleet efficiency of 16.9 J/TH upon completion of the Paraguay installation. This will be achieved while maintaining our green energy strategy, which prioritizes the use of hydroelectric power to power our data centers.
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