HIVE Digital Technologies Announces November 2024 Production Results and Strategic Milestones
HIVE Digital Technologies has released its November 2024 production results, mining 103 BTC and maintaining a HODL portfolio of 2,713 BTC (67% YoY increase). The company maintained an average mining capacity of 5.3 EH/s with fleet efficiency at 22.3 J/TH, reaching peak hashrate of 5.7 EH/s.
The company announced significant fleet upgrades through the purchase of 11,500 Avalon ASIC miners from Canaan Inc. and 8.6 EH/s of Bitmain's S21+ Hydro machines. These acquisitions aim to achieve a total Bitcoin mining capacity of 15 EH/s by summer 2025, with expected annual revenue of over $300 million and mining margin exceeding $200 million based on current economics.
HIVE Digital Technologies ha pubblicato i risultati della produzione di novembre 2024, estraendo 103 BTC e mantenendo un portafoglio HODL di 2.713 BTC (aumento del 67% anno su anno). L'azienda ha mantenuto una capacità media di estrazione di 5,3 EH/s con un'efficienza della flotta di 22,3 J/TH, raggiungendo un hash rate di picco di 5,7 EH/s.
L'azienda ha annunciato importanti aggiornamenti della flotta attraverso l'acquisto di 11.500 miner ASIC Avalon da Canaan Inc. e 8,6 EH/s di macchine S21+ Hydro di Bitmain. Queste acquisizioni mirano a raggiungere una capacità totale di estrazione di Bitcoin di 15 EH/s entro l'estate del 2025, con un fatturato annuale previsto di oltre 300 milioni di dollari e un margine di estrazione superiore a 200 milioni di dollari in base all'economia attuale.
HIVE Digital Technologies ha publicado sus resultados de producción de noviembre de 2024, minando 103 BTC y manteniendo una cartera HODL de 2,713 BTC (aumento del 67% interanual). La compañía mantuvo una capacidad media de minería de 5.3 EH/s con una eficiencia de flota de 22.3 J/TH, alcanzando una tasa de hash máxima de 5.7 EH/s.
La compañía anunció importantes mejoras en su flota mediante la compra de 11,500 mineros ASIC Avalon de Canaan Inc. y 8.6 EH/s de máquinas S21+ Hydro de Bitmain. Estas adquisiciones tienen como objetivo alcanzar una capacidad total de minería de Bitcoin de 15 EH/s para el verano de 2025, con ingresos anuales esperados de más de 300 millones de dólares y un margen de minería que supera los 200 millones de dólares según la economía actual.
HIVE Digital Technologies는 2024년 11월 생산 결과를 발표했습니다. 103 BTC를 채굴하고 2,713 BTC의 HODL 포트폴리오를 유지하고 있으며, 이는 전년 동기 대비 67% 증가한 수치입니다. 이 회사는 평균 채굴 용량 5.3 EH/s와 22.3 J/TH의 함대 효율성을 유지하며 최대 해시레이트는 5.7 EH/s에 도달했습니다.
회사는 Canaan Inc.로부터 11,500개의 Avalon ASIC 채굴기를 구매하고 Bitmain의 S21+ Hydro 기계 8.6 EH/s를 통해 상당한 함대 업그레이드를 발표했습니다. 이러한 인수는 2025년 여름까지 15 EH/s의 총 비트코인 채굴 용량을 달성하는 것을 목표로 하며, 현재 경제를 기준으로 연간 3억 달러 이상의 수익과 2억 달러 이상의 채굴 마진을 예상하고 있습니다.
HIVE Digital Technologies a publié ses résultats de production de novembre 2024, ayant extrait 103 BTC et maintenant un portefeuille HODL de 2 713 BTC (augmentation de 67 % par rapport à l'année précédente). L'entreprise a maintenu une capacité moyenne d'extraction de 5,3 EH/s avec une efficacité de flotte de 22,3 J/TH, atteignant un hashrate de pointe de 5,7 EH/s.
L'entreprise a annoncé des améliorations significatives de sa flotte grâce à l'achat de 11 500 mineurs ASIC Avalon auprès de Canaan Inc. et de 8,6 EH/s de machines S21+ Hydro de Bitmain. Ces acquisitions visent à atteindre une capacité totale d'extraction de Bitcoin de 15 EH/s d'ici l'été 2025, avec des revenus annuels attendus de plus de 300 millions de dollars et une marge d'extraction dépassant 200 millions de dollars sur la base de l'économie actuelle.
HIVE Digital Technologies hat die Produktionszahlen für November 2024 veröffentlicht, in dem 103 BTC abgebaut wurden und ein HODL-Portfolio von 2.713 BTC aufrechterhalten wird (67% Anstieg im Vergleich zum Vorjahr). Das Unternehmen hatte eine durchschnittliche Mining-Kapazität von 5,3 EH/s bei einer Flotteneffizienz von 22,3 J/TH und erreichte einen Spitzen-Hashrate von 5,7 EH/s.
Das Unternehmen kündigte bedeutende Flottenaufrüstungen durch den Kauf von 11.500 Avalon ASIC-Minern von Canaan Inc. und 8,6 EH/s von Bitmains S21+ Hydro-Maschinen an. Diese Akquisitionen zielen darauf ab, bis zum Sommer 2025 eine Gesamt-Bitcoin-Mining-Kapazität von 15 EH/s zu erreichen, mit einem erwarteten Jahresumsatz von über 300 Millionen Dollar und einer Mining-Marge von über 200 Millionen Dollar basierend auf der aktuellen Wirtschaftslage.
- 67% YoY increase in Bitcoin holdings to 2,713 BTC, valued at $261 million
- Strategic acquisition of new mining equipment to reach 15 EH/s capacity by summer 2025
- Projected annual revenue of $300+ million and mining margin of $200+ million
- Improved fleet efficiency targeting 17 J/TH upon full deployment
- Equity dilution through at-the-market program to fund equipment purchases
Insights
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated October 3, 2024 to its short form base shelf prospectus dated September 11, 2024.
Vancouver, British Columbia--(Newsfile Corp. - December 9, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (referred to as the "Company" or "HIVE"), a global leader in sustainable blockchain infrastructure, has released its unaudited production results for November 2024 (all amounts in US dollars, unless otherwise indicated).
Key Highlights for November 2024:
- Bitcoin Production: HIVE mined 103 BTC, bringing its HODL portfolio to 2,713 BTC, a
67% increase year-over-year. - Mining Capacity: Maintained an average mining capacity of 5.3 Exahash per Second ("EH/s") with fleet efficiency at 22.3 Joules per Terahash ("J/TH"), reaching a peak hashrate of 5.7 EH/s.
- Operational Efficiency: Achieved an average daily production rate of 3.42 BTC, equivalent to 19.3 Bitcoin per Exahash.
- Bitcoin Valuation: HIVE's Bitcoin holdings were valued at over
$261 million as of November 30, 2024, based on a BTC closing price of approximately$96,400.
Strategic Developments:
In November, HIVE announced a significant upgrade to its mining fleet by purchasing 11,500 state-of-the-art Avalon ASIC miners from Canaan Inc. The Company has also acquired 8.6 EH/s of Bitmain's S21+ Hydro machines, aiming for a total Bitcoin mining capacity of 15 EH/s by summer 2025. This purchase is fully funded through the company's at-the-market equity program, highlighting HIVE's commitment to scaling its operations while maintaining industry-leading low G&A and ensuring the best return on investment for its shareholders.
Once fully deployed, this strategic expansion is expected to generate over
Executive Commentary:
Frank Holmes, Executive Chairman of HIVE, stated, "November has been a monumental month for HIVE, marking a significant step in our journey to capture
Aydin Kilic, HIVE's President and CEO, added: "We are extremely proud of the advancements made over the past month and remain focused on having the best unit economics in the Bitcoin mining industry. We expect to reach 15 EH/s of global hashrate capacity with a blended fleet efficiency of 17 J/TH upon full execution and installation our Canaan and Bitmain orders."
Mr. Kilic continued: "These strategic orders position HIVE with one of the most efficient Bitcoin ASIC mining fleets in the industry, significantly reducing our Bitcoin production costs and increasing our operating margin. They demonstrate our commitment to delivering outstanding shareholder value and return on investment from our growth capital."
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. is a pioneering technology company focused on advancing sustainable blockchain and AI infrastructure powered by green energy. HIVE was the first cryptocurrency miner to go public on the TSX Venture Exchange in 2017 and is committed to reducing environmental impact and optimizing operational efficiency. With data centers in Canada, Sweden, and soon Paraguay, HIVE is a global leader in digital asset mining and AI computing solutions.
For more information, visit hivedigitaltech.com, or connect with us on:
X: https://x.com/HIVEDigitalTech
YouTube: https://www.youtube.com/@HIVEDigitalTech
Instagram: https://www.instagram.com/hivedigitaltechnologies/
LinkedIn: https://linkedin.com/company/hiveblockchain
On Behalf of HIVE Digital Technologies Ltd.
"Frank Holmes"
Executive Chairman
For further information, please contact:
Nathan Fast
Director of Marketing and Branding
Frank Holmes
Executive Chairman
Aydin Kilic
President & CEO
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 November 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 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 pandemics on the business of the Company, including but not limited to the effects of pandemics 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/232985
FAQ
How many Bitcoin did HIVE mine in November 2024?
What is HIVE's current Bitcoin mining capacity and target for 2025?
How many Bitcoin does HIVE hold in total as of November 2024?
What new mining equipment did HIVE purchase in November 2024?
