HIVE Digital Technologies Ltd. (HIVE) is pleased to announce its unaudited production results for August 2024. The Company successfully mined 112 Bitcoin, boosting 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 suite of machines, enhancing overall mining efficiency and 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 indicated).
August 2024 Highlights:
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Production: Mined 112 Bitcoin in August 2024.
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Mining Capacity Maintained: Concluded the month with a 5.3 EH/s ASIC mining capacity, achieving a blended fleet efficiency of 23 joules per terahash (“J/TH”).
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HODL Position: Increased Bitcoin holdings to 2,533 BTC, reflecting a 1% growth from the previous month.
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Mining Efficiency: Averaged 22.4 Bitcoin per Exahash, ending August with a 5.3 EH/s capacity and a consistent average hashrate of 5.0 EH/s.
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Daily Production: Averaged 3.6 BTC per day, highlighting operational efficiency and robust mining capabilities.
Strategic HODL Increase:
HIVE emphasizes that with a Bitcoin HODL value exceeding $164 million as of August 31, 2024, the Company’s enterprise value remains compelling compared to industry peers.
Executive Insights:
Frank Holmes, Executive Chairman, commented, “We remain focused on our strategy of maintaining the lowest G&A 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 leanest Bitcoin mining operations with an attractive EV to EBITDA multiple, holding over 2,500 clean and green Bitcoin on our balance sheet.”
Aydin Kilic, President and CEO added, “Over the past month, we have optimized our fleet’s performance, achieving an average hashrate 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 a global 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 hashrate at existing facilities to 6.9 EH/s with a blended fleet efficiency of 19 TH/s.”
He further noted, “To support this strategy, we have acquired 1,000 Bitmain S21 Pro Antminers for immediate delivery to upgrade our existing suite of equipment. Additionally, we have purchased 300 Bitmain S19 XP miners to fully utilize available rack space at our Lachute facility. These machines were purchased and installed in August.”
With this monthly rolling upgrade strategy, HIVE’s updated target hashrate is projected to reach 13.5 EH/s, with a global blended fleet efficiency of 16.9 J/TH upon the completion of the Paraguay facility. This will be achieved while maintaining our green energy strategy, which prioritizes the use of hydroelectricity to power our data centers.
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