HIVE Digital Technologies Ltd. (HIVE) is pleased to announce its unaudited production results for August 2024. The companضy successfully mined 112 BTCs, increasing its total Bitcoin reserves by 1%, resulting in a new balance of 2,533 BTC. HIVE also announced the purchase of 1,000 Bitmain S21 Pro Antminers mine for immediate shipment to enhance the performance of existing mining equipment, and improve mining productivity and overall capacity. HIVE maintained an impressive Bitcoin mining average capacity of over 5.0 exahaches per second (‘EH/s’) during the month, while continuing to prioritize the use of hydropower to power its data centers (all amounts in USD, unless otherwise noted).
August 2024 Highlights:
- Production: Extracted 112 bitcoins in August 2024.
- Mining Energy Conservation: The company ended the month with a mining capacity of 5.3 EH/s and achieved an average mining efficiency of 23 joules per terahash (‘J/TH’).
- Bitcoin inventory growth: Bitcoin inventory rose to 2,533 BTC, up 1% from the previous month.
- Mining efficiency: Achieved an average of 22.4 BTC per BTC of 22.4 BTC, ending August with a capacity of 5.3 G/s and an average fixed hash rate of 5.0 G/s.
- Daily production: Production averaged 3.6 BTC per day, demonstrating operational efficiency and strong performance in mining.
Increasing Bitcoin Strategic Inventory:
HIVE emphasizes that with the value of Bitcoin’s stock exceeding $164 million as of August 31, 2024, the company’s market capitalization remains competitive compared to its peers in the industry.
Executive Insights:
Frank Holmes, Executive Chairman, commented: “We remain committed to our strategy of keeping the minimum overhead and administrative expenses for every Bitcoin mined, maximizing the return on cash flow on invested capital, and securing high revenues per employee while avoiding excessive issuance of new shares. Our disciplined approach, supported by a global team working across nine time zones, positions HIVE as one of the most cost-effective Bitcoin mining operations with an attractive ratio of enterprise value to EBITDA, with over 2,500 eco-friendly bitcoins in our financial statements.’
Aiden Kilic, President and CEO of the company, added: “Over the past month, we have tuned the performance of our mining equipment, reaching an average hash rate of about 5.2 EH/s by modifying our 30 J/TH machine software, boosting its performance to 27-28 J/TH. This has resulted in a global mining efficiency of around 23 joules/s. We aim to continue this improvement over the next nine months, as we upgrade our remaining 30 ASIC mining machines. This will increase the operational hash rate of our existing facilities to 6.9 GB/s with a combined mining efficiency of 19 GB/s.’
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“To support this strategy, we have acquired 1,000 Bitmain S21 Pro Antminers mines for immediate shipment to enhance our existing mining equipment. In addition, we purchased 300 Bitmain S19 XP mining machines to fill the racks of equipment fully available at our LaChote facility. These machines were purchased and installed in August.’
Through this continuous upgrade approach, the target hash rate for HIVE is expected to reach 13.5 eh/s, with a global aggregated mining efficiency of 16.9 joules/s when the Paraguayan facility is completed. This will be achieved while adhering to our renewable energy strategy, which favors hydropower to power our data centers.
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