This press release constitutes a “designated press release” for purposes of supplementing the Company's amended and restated prospectus dated August 17, 2023 to its base short form prospectus dated May 1, 2023.
HIVE Digital Technologies Ltd. (HIVE) proudly announces its unaudited production figures for May 2024. In May, the company mined 119 Bitcoin, increasing its Bitcoin holdings by 3%, now totaling 2,451 Bitcoin in the balance. HIVE maintained an average Bitcoin mining capacity of over 4.9 Exahash (“EH/s”) in May 2024 (all amounts in US dollars, unless otherwise indicated).
May 2024 Highlights:
- Production: Mined 119 Bitcoin in May 2024.
- Increase in Mining Capacity: It ended May with an ASIC mining capacity of 5.0 EH/s.
- HODL Position: It rose to 2,451 BTC, a 3% increase from the previous month, while Bitcoin hit all-time highs.
- Mining efficiency: It achieved an average of 24.5 Bitcoin per Exahash, ending the month of May with 5.0 EH/s, with an average hashrate of 4.9 EH/s throughout May.
- Dairy produce: It averaged production of 3.8 BTC per day, demonstrating operational efficiency and strong mining capabilities.
Strategic HODL increase:
As of June 9, 2024, HIVE's HODL position further increased to 2,468 BTC, up from 2,451 BTC at the end of May 2024.
The Company notes that with Bitcoin's HODL value of over $170 million as of June 9, 2024, its enterprise value appears very attractive compared to its peers.
Executive Perspectives:
Frank Holmes, CEO, commented on the company's strategic vision:
“We have successfully navigated our second Bitcoin Halving event, overcoming numerous challenges over the past four years. Our team has demonstrated an exceptional ability to drive high efficiency and maintain positive operating cash flow, even during the 2022 market downturn and Ethereum's unfortunate transition from proof-of-work to proof-of-stake Despite significant macroeconomic headwinds, HIVE has remained resilient and consistently generates positive operating income. We continue to evaluate growth opportunities with a focus on efficient operations, profitable mining and. green energy supply. “It is a big challenge and I am striving to achieve the best cash flow return on invested capital per share (CFROIC) for our shareholders. “I am incredibly proud of our team and their unwavering dedication.”
Operational update:
Aydin Kilic, President and CEO, emphasized the company's technological stability: “We ended the month of May with 5.0 EH/s and are on track to achieve our interim target of 5.5 EH/s and achieve a global average efficiency of 25 joule fleet by Terahash (J/TH) once our remaining S21 Antminers (“S21”) are shipped So far, of our total order quantity of 8,165 S21s, 6,495 S21s have been shipped and installed. 1670 S21s remaining, 428 S21s will ship this week, leaving 1242 S21s from our June batch, expected to ship soon.
We are also strategically optimizing our fleet firmware to improve the efficiency of our 30 J/TH ASICs, bringing their efficiency below 30 J/TH. While this has reduced the total hash rate of these machines across our fleet by approximately 120 Petahash per second, it has improved their efficiency, thereby improving their unit economics and making them more cost-effective in dollars per kilowatt hour.
Luke Rossy, COO, added: “We are pleased to announce the upcoming acquisition of 1,000 Bitmain S21 Pro Antminers, the most modern and efficient machines on the market, with a hashrate of 234 Terahash per second and an efficiency. These units are expected to “They ship this month and are an integral part of our strategy to continually upgrade our fleet while increasing our HODL position.”
