HIVE Digital Announces 119 Bitcoin Produced in June 2024, HODL Grew 2% to 2,496 Bitcoins
HIVE Digital Technologies announces its production of 119 Bitcoin for June 2024, increasing its Bitcoin holdings by 2% to a total of 2,496 BTC. The company maintained an average mining capacity of over 4.7 Exahash per second (EH/s) and ended June with a 4.9 EH/s capacity. Daily production averaged at 4.0 BTC. As of July 7, 2024, HIVE's Bitcoin holdings rose to 2,503 BTC, valued at over $140 million. HIVE is also set to receive 2,150 upgraded S21 Pro miners, expected to boost its total hashrate to 5.5 EH/s by the end of July.
- Produced 119 Bitcoin in June 2024.
- Increased Bitcoin holdings by 2% to 2,496 BTC.
- Maintained an average mining capacity of over 4.7 EH/s.
- Ended June with a 4.9 EH/s mining capacity.
- Daily production averaged 4.0 BTC.
- HODL position increased to 2,503 BTC as of July 7, 2024, valued at over $140 million.
- Pending receipt of 2,150 upgraded S21 Pro miners, which will boost the total hashrate to 5.5 EH/s by the end of July.
- None.
Insights
HIVE Digital's production figures for June 2024 present a notable improvement in operational efficiency and mining capacity. The company mined 119 Bitcoins in June and increased its Bitcoin holdings by 2% to 2,496 BTC, highlighting a strong HODL strategy. With an average hashrate of 4.7 EH/s and achieving an average of 25.0 Bitcoin per Exahash, HIVE's operational metrics indicate solid performance and capability in the cryptocurrency mining sector.
From a financial perspective, the company's Bitcoin HODL value exceeding $140 million is significant, especially when comparing its enterprise value to peers. This could imply an undervaluation in the market, presenting potential investment opportunities for retail investors. However, it's vital to remain cautious of the volatile nature of cryptocurrency markets, which can affect the value of HIVE's Bitcoin holdings and overall financial stability in the short term.
While the announcement of the new S21 Pro miners and their expected installation by the end of July could further boost HIVE's operational hashrate to 5.5 EH/s, investors should consider the capital expenditure involved and the potential impact on profitability. Overall, this update underscores HIVE's growth and efficient operations, but the inherent volatility of Bitcoin prices necessitates a balanced view for long-term investment.
HIVE Digital's announcement of maintaining and expanding its mining capacity with the impending arrival of 2,150 S21 Pro miners is a substantial technological upgrade. The integration of these miners, which are known for their high efficiency (24.5 J/TH), will increase HIVE's total operational hashrate to 5.5 EH/s. This strategic equipment upgrade is likely to improve the company's mining capability and operational efficiency.
The reference to the S21 Pro's efficiency highlights the company's commitment to using the latest technology to enhance its mining operations. This move can be seen as a proactive measure to stay competitive in the rapidly evolving cryptocurrency mining industry. For retail investors, understanding the implications of such technological upgrades is crucial, as they directly influence the company's ability to mine more Bitcoins at a lower cost, potentially leading to higher margins and profitability.
However, it's essential to keep in mind the potential risks associated with technological investments, such as implementation challenges or delays. Investors should monitor the deployment of these miners closely to assess their actual impact on HIVE's operational performance.
In the context of the broader cryptocurrency market, HIVE Digital's consistent increase in Bitcoin holdings and mining capacity positions it favorably among its competitors. The company's HODL strategy, where it retains mined Bitcoins rather than selling them immediately, indicates a bullish stance on the future value of Bitcoin. This strategy might resonate with retail investors who believe in the long-term appreciation of Bitcoin, as it aligns with their investment philosophy.
Moreover, HIVE's focus on green energy-powered blockchain infrastructure differentiates it in an industry often scrutinized for high energy consumption and environmental impact. This eco-friendly approach can attract environmentally conscious investors and potentially mitigate regulatory risks associated with carbon emissions.
However, it's important to consider the market risks. The price of Bitcoin is notoriously volatile and any significant drop could adversely affect HIVE's balance sheet. Furthermore, the competitive landscape of cryptocurrency mining is intense, with new players and technologies continuously emerging. Investors should weigh these factors when evaluating HIVE's market position and growth prospects.
This news release constitutes a "designated news release" for the purposes of the Company's amended and restated prospectus supplement dated August 17, 2023, to its short form base shelf prospectus dated May 1, 2023.
Vancouver, British Columbia--(Newsfile Corp. - July 8, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE") a pioneer in green energy-powered blockchain infrastructure, proudly announces its unaudited production figures for June 2024. In June the Company mined 119 Bitcoin, increasing its Bitcoin holdings by
June 2024 Highlights:
- Production: Mined 119 Bitcoin in June 2024.
- Mining Capacity Maintained: Ended June with a 4.9 EH/s ASIC mining capacity.
- HODL Position: Increased to 2,496 BTC, a
2% increase from the prior month. - Mining Efficiency: Achieved an average of 25.0 Bitcoin per Exahash, ending the month of June with 4.9 EH/s, with an average hashrate of 4.7 EH/s throughout June.
- Daily Production: Averaged a production of 4.0 BTC per day, showcasing operational efficiency and robust mining capabilities.
Strategic HODL Increase:
As of July 7, 2024, HIVE's HODL position has increased to 2,503 BTC.
The Company notes that with a Bitcoin HODL value of over
Executive Insights:
Frank Holmes, Executive Chairman, commented on the Company's continued progress:
"Over the past 18 months, the management team has consistently been a top-tier efficiency performer at its data centers, amongst the lowest G&A to mine a Bitcoin and one of the lowest in shareholder dilution. We are pleased to increase our stacking of Bitcoin to currently HODL 2,496 Bitcoin on the balance sheet."
Operational Update:
Aydin Kilic, President and CEO stated: "We have received confirmation that the remaining batch of our S21 orders are ready to ship, and in fact have been upgraded to S21 Pro, representing approximately 1,150 S21 Pro miners from HIVE's original order in December. Additionally, the new purchase of 1,000 S21 Pro Miners announced in our May production report are now ready to ship.
Therefore, we expect the total 2,150 pending S21 Pro miners to ship in the next week, bringing HIVE's total operational hashrate to 5.5 EH/s once fully installed, with a global fleet efficiency of 24.5 J/TH. HIVE expects these machines to be installed before the end of July."
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. went public in 2017 as the first cryptocurrency mining company listed for trading on the TSX Venture Exchange with a focus on sustainable green energy.
HIVE is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns and operates state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we endeavour to source green energy to mine digital assets such as Bitcoin on the cloud. Since the beginning of 2021, HIVE has held in secure storage the majority of its treasury of BTC derived from mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of Bitcoin. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.
Environmental Sustainability:
- Green Energy: By sourcing green renewable energy, HIVE is committed to environmental responsibility, positioning itself as a leader in sustainable cryptocurrency mining.
- Competitive Advantage: We believe this environmentally conscious approach sets HIVE apart from competitors and aligns with evolving investor preferences.
Expansion into AI Strategy:
- Diversification: HIVE's diversification into HPC enables us to support artificial intelligence (AI) using Nvidia GPU chips, showcasing our adaptability and innovation beyond traditional Bitcoin mining.
- Revenue Streams: This strategic move into HPC broadens HIVE's revenue streams and places it at the forefront of technological advancements in both cryptocurrency and AI industries.
HIVE's unique value proposition encompasses efficient operations, a proven agile management team, financial strength, environmental sustainability, and innovative expansion strategies. Beyond Bitcoin mining, HIVE is firmly part of the global boom in data center infrastructure, sourcing primarily green renewable energy.
HIVE presents a unique growth opportunity with over 2,400 Bitcoins on its balance sheet and growing revenue from its suite of Nvidia GPU chips powering data services for the AI revolution.
We encourage you to visit HIVE's YouTube channel here to learn more about HIVE.
For more information and to register to HIVE's mailing list, please visit www.HIVEdigitaltechnologies.com. Follow @HIVEDigitalTech on Twitter and subscribe to HIVE's YouTube channel.
On Behalf of HIVE Digital Technologies Ltd.
"Frank Holmes"
Executive Chairman
For further information please contact:
Frank Holmes
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release
Forward-Looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-Looking information" in this news release includes but is not limited to: business goals and objectives of the Company; the results of operations for June 2024; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the volatility of the digital currency market; the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, including the Company's ability to utilize the Company's at-the-market equity offering program (the "ATM Program") and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company's profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at www.sec.gov/EDGAR and www.sedarplus.ca.
The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215667
FAQ
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