HIVE Digital Technologies Ltd. Announces October 2024 Production Results and Strategic Milestones
HIVE Digital Technologies reported its October 2024 production results, mining 117 BTC (1% increase month-over-month) with an average mining capacity of 5.3 EH/s. The company's HODL portfolio reached 2,624 BTC, a 51% year-over-year increase, valued at over $184 million. Fleet efficiency maintained at 22.3 J/TH with a peak hashrate of 5.6 EH/s.
HIVE began construction of a new 100 MW facility in Paraguay, aiming to capture 2% of global Bitcoin mining capacity. The company also issued 2,442,000 restricted share units to employees, officers, directors, and consultants, vesting over two years.
HIVE Digital Technologies ha riportato i risultati di produzione di ottobre 2024, estraendo 117 BTC (un aumento dell'1% rispetto al mese precedente) con una capacità media di estrazione di 5,3 EH/s. Il portafoglio HODL dell'azienda ha raggiunto 2.624 BTC, un incremento del 51% rispetto all'anno precedente, del valore di oltre $184 milioni. L'efficienza della flotta si è mantenuta a 22,3 J/TH con un hashrate di picco di 5,6 EH/s.
HIVE ha iniziato la costruzione di una nuova struttura da 100 MW in Paraguay, con l'obiettivo di catturare il 2% della capacità globale di estrazione di Bitcoin. L'azienda ha anche emesso 2.442.000 unità di azioni riservate a dipendenti, funzionari, dirigenti e consulenti, con maturazione in due anni.
HIVE Digital Technologies reportó sus resultados de producción de octubre de 2024, extrayendo 117 BTC (un aumento del 1% con respecto al mes anterior) con una capacidad media de extracción de 5,3 EH/s. El portafolio HODL de la compañía alcanzó 2,624 BTC, un incremento del 51% en comparación con el año anterior, valorado en más de $184 millones. La eficiencia de la flota se mantuvo en 22.3 J/TH con una tasa de hash máxima de 5.6 EH/s.
HIVE comenzó la construcción de una nueva instalación de 100 MW en Paraguay, con el objetivo de capturar el 2% de la capacidad de minería de Bitcoin a nivel mundial. La compañía también emitió 2,442,000 unidades de acciones restringidas a empleados, funcionarios, directores y consultores, con un periodo de adquisición de dos años.
HIVE 디지털 기술은 2024년 10월 생산 결과를 보고하며 117 BTC를 채굴했습니다(전월 대비 1% 증가) 평균 채굴 용량은 5.3 EH/s입니다. 회사의 HODL 포트폴리오는 2,624 BTC에 도달했으며, 이는 전년 대비 51% 증가한 수치로, 1억 8400만 달러를 초과하는 가치가 있습니다. 함대 효율성은 22.3 J/TH로 유지되었으며, 최고 해시레이트는 5.6 EH/s에 달했습니다.
HIVE는 파라과이에 100 MW 규모의 새로운 시설 건설을 시작했으며, 글로벌 비트코인 채굴 용량의 2%를 차지하는 것을 목표로 하고 있습니다. 또한, 회사는 직원, 임원, 이사 및 컨설턴트에게 2,442,000개의 제한 주식 단위를 발행했으며, 이는 2년에 걸쳐 발생됩니다.
HIVE Digital Technologies a publié ses résultats de production d'octobre 2024, ayant extrait 117 BTC (une augmentation de 1% par rapport au mois précédent) avec une capacité moyenne d'extraction de 5,3 EH/s. Le portefeuille HODL de l'entreprise a atteint 2 624 BTC, soit une augmentation de 51% par rapport à l'année précédente, d'une valeur de plus de 184 millions de dollars. L'efficacité de la flotte est restée à 22,3 J/TH avec un taux de hachage maximal de 5,6 EH/s.
HIVE a commencé la construction d'une nouvelle installation de 100 MW au Paraguay, visant à capter 2% de la capacité mondiale d'extraction de Bitcoin. L'entreprise a également émis 2 442 000 unités d'actions restreintes à des employés, des dirigeants, des administrateurs et des consultants, avec une période d'acquisition de deux ans.
HIVE Digital Technologies hat die Produktionsberichte für Oktober 2024 veröffentlicht und 117 BTC abgebaut (ein Anstieg von 1% im Vergleich zum Vormonat) mit einer durchschnittlichen Mining-Kapazität von 5,3 EH/s. Das HODL-Portfolio des Unternehmens erreichte 2.624 BTC, was einem Anstieg von 51% im Jahresvergleich entspricht, mit einem Wert von über 184 Millionen Dollar. Die Effizienz der Flotte blieb bei 22,3 J/TH mit einer Höchst-Hashrate von 5,6 EH/s.
HIVE begann mit dem Bau einer neuen 100-MW-Anlage in Paraguay, mit dem Ziel, 2% der globalen Bitcoin-Mining-Kapazität zu erfassen. Das Unternehmen gab außerdem 2.442.000 beschränkte Aktieneinheiten an Mitarbeiter, Beamte, Direktoren und Berater aus, die über einen Zeitraum von zwei Jahren anfallen.
- 117 BTC mined in October, showing 1% MoM growth
- 51% YoY increase in Bitcoin holdings to 2,624 BTC
- Bitcoin holdings valued at $184 million
- New 100 MW facility construction started in Paraguay
- Maintained 5.3 EH/s average mining capacity
- Share dilution through issuance of 2,442,000 RSUs
Insights
HIVE Digital's October performance shows steady operational growth with 117 BTC mined, representing a
The expansion into Paraguay with a new 100 MW facility demonstrates strategic growth initiatives, though investors should note this will require significant capital investment. The RSU issuance of 2,442,000 shares indicates potential dilution but aligns with standard industry practices for talent retention. With Bitcoin's current strong performance and HIVE's growing asset base, the company is well-positioned to maintain operational sustainability despite the upcoming halving event in 2024.
The Paraguay facility expansion represents a strategic advantage in HIVE's portfolio, leveraging the country's abundant hydroelectric power resources. This move aligns with both cost efficiency and environmental sustainability goals. At 22.3 J/TH, HIVE's fleet efficiency is competitive, though there's room for improvement through their ongoing ASIC upgrade program. The 100 MW facility development suggests a potential hashrate increase of approximately 2.5-3.0 EH/s once fully operational, which could significantly boost HIVE's market share in global Bitcoin mining.
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. - November 8, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE"), a leader in sustainable data center infrastructure for the Bitcoin ecosystem, has released its unaudited production results for October 2024, demonstrating continued growth and operational strength (all amounts in US dollars, unless otherwise indicated).
Key Highlights for October 2024 :
- Bitcoin Production: HIVE mined 117 BTC, marking a
1% increase month-over-month and bringing its HODL portfolio to 2,624 BTC, a51% increase year-over-year. - Mining Capacity: Maintained an average mining capacity of 5.3 EH/s with fleet efficiency at 22.3 Joules per Terahash (J/TH), reaching a peak hashrate of 5.6 EH/s.
- Operational Efficiency: Achieved an average daily production rate of 3.77 BTC, equivalent to 22.1 Bitcoin per Exahash.
- Bitcoin Valuation: HIVE's Bitcoin holdings are valued at over
$184 million as of October 31, 2024, based on a BTC closing price of approximately$70,215.
Strategic Developments:
HIVE recently began construction of our new 100 MW facility in Paraguay, an hour from the capital city of Asunción. This expansion aligns with HIVE's strategic goal to capture
The Company sees recent U.S. election outcomes as a positive shift for the digital asset sector. With President Trump's administration and a Republican Congress, the Company anticipates policies that will benefit both the Bitcoin ecosystem and capital markets. Additionally, the support of visionary leaders like Elon Musk-whom HIVE regards as one of the century's greatest innovators for his work with Tesla, SpaceX, and as a Bitcoin holder-signals a promising future for the ongoing global digital transformation.
Executive Commentary:
Frank Holmes, Executive Chairman, commented, "Our team's prudent capital management, coupled with monthly ASIC upgrades to more energy efficient chips, has allowed us to grow our Bitcoin portfolio, minimize dilution, and cover operational expenses. The Paraguay facility is a critical component of our Bitcoin growth strategy, and it positions HIVE to deliver long-term value to shareholders through sustainable and profitable growth."
Incentive Grants
HIVE has issued 2,442,000 restricted share units (RSUs) to employees, officers, directors, and qualified consultants. These RSUs are designed to align long-term incentives with shareholder interests. They will vest over two years in compliance with TSX Venture Exchange guidelines and are locked for a minimum of one year.
This release supports HIVE's dedication to thoughtful growth, operational efficiency, and sustainability, solidifying its position as an attractive investment in the data center business, which supports both HPC AI and the global Bitcoin infrastructure sector.
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. made history in 2017 as the first cryptocurrency mining company to go public in Canada and is now traded on exchanges in Canada, Germany, and the U.S. (Nasdaq). As part of our growth strategy, we're expanding with an additional 100 MW facility in Paraguay, setting a target to capture
HIVE operates green-energy-powered data centers in Canada, Sweden, and Iceland, integrating the digital currency sector with traditional capital markets. Additionally, we are advancing our High-Performance Computing (HPC) capabilities to capitalize on the AI super cycle, utilizing an advanced suite of Nvidia chips. HIVE shares offer investors exposure to both the cryptocurrency market and the rapidly expanding field of AI-driven computing solutions.
We encourage you to visit HIVE's YouTube channel here to learn more about HIVE.
For more information and to register for 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 October 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.
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FAQ
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