RETRANSMISSION: HIVE Digital Announces Bitcoin Production and HODL Growth in February 2024 to 2,131 Bitcoins
- HIVE Digital Technologies Ltd. increased its Bitcoin holdings by 10% in February 2024.
- The Company maintained a consistent average hashrate of 4.06 EH/s throughout the month.
- HIVE mined 200 Bitcoin in February 2024 with an average of 60.5 Bitcoin per Exahash.
- HIVE concluded February with a 4.2 EH/s ASIC mining capacity, reflecting a 9% increase month over month.
- The Company's HODL position reached 2,131 Bitcoin at the end of February 2024, further increasing to 2,159 Bitcoin by March 4.
- HIVE strategically focuses on HODLing to anticipate increased Bitcoin demand, especially with the upcoming Halving event in April.
- Executive Chairman Frank Holmes highlighted HIVE's strategic foresight in maintaining a healthy balance sheet similar to previous Halving events.
- President & CEO Aydin Kilic emphasized the Company's technological stability with the integration of Bitmain S21 Antminers, enhancing mining efficiency and reducing production costs.
- HIVE continues to expand its green energy-powered data center facilities across Canada, Sweden, and Iceland, focusing on financial stability, growth, and innovation in the volatile crypto market.
- None.
Insights
HIVE Digital Technologies Ltd.'s announcement of a 10% increase in Bitcoin holdings and the maintenance of over 4.06 EH/s of Bitcoin mining capacity is a significant indicator of the company's operational efficiency and growth trajectory. The increase in their HODL position, particularly ahead of the anticipated Bitcoin Halving event, suggests a strategic move to capitalize on potential price increases. The production of 200 Bitcoin in February, an average of 60.5 Bitcoin per Exahash, is noteworthy as it exceeds industry averages, which typically hover around 50-55 Bitcoin per Exahash. This superior production efficiency could potentially translate into a competitive advantage and positive investor sentiment.
Furthermore, the introduction of Bitmain S21 Antminers into HIVE's mining fleet represents a capital investment aimed at reducing production costs and enhancing long-term profitability. This aligns with the company's commitment to technological advancement and operational excellence. As the crypto market is known for its volatility, the company's focus on financial stability and growth through increased mining capacity and technological upgrades is central to risk mitigation and could be a key factor in sustaining investor confidence.
The crypto mining industry is highly sensitive to changes in Bitcoin prices and companies like HIVE are often seen as leveraged plays on the cryptocurrency itself. HIVE's decision to increase its HODL position ahead of the Bitcoin Halving event demonstrates an expectation of higher Bitcoin prices and could influence investor perception of the company's future value. Historically, Halving events have led to increased volatility and, in some cases, significant price appreciation over the following months. Investors should consider the potential impact of the Halving on HIVE's asset value and the implications of the company's increased mining capacity on its market position.
Additionally, the strategic increase in HODL position could be seen as a bullish signal to the market, potentially attracting investors who are optimistic about Bitcoin's price trajectory. However, the correlation between Bitcoin's price and HIVE's stock price, with heightened volatility, should be a consideration for stakeholders evaluating the risk profile of their investment.
HIVE's emphasis on green energy-powered blockchain infrastructure is particularly relevant given the increasing scrutiny on the environmental impact of cryptocurrency mining. By expanding its data center facilities across Canada, Sweden and Iceland—regions known for their renewable energy sources—HIVE positions itself as a leader in sustainable mining practices. This could attract ESG-conscious investors and provide a hedge against potential regulatory changes targeting the carbon footprint of mining operations.
The integration of more energy-efficient mining rigs, such as the Bitmain S21 Antminers, is expected to lower the cost of production while minimizing the environmental impact. This could lead to improved margins and a stronger value proposition for stakeholders who prioritize sustainability alongside financial performance. The company's operational choices could set industry standards and influence the practices of other players in the sector.
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. - March 6, 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 February 2024. The Company has increased its Bitcoin holdings by
February 2024 Highlights:
- Production: HIVE successfully mined 200 Bitcoin in February 2024, utilizing its state-of-the-art ASIC and GPU mining operations. This achievement represents an impressive average of 60.5 Bitcoin per Exahash, with a consistent average hashrate of 4.06 EH/s throughout the month.
- Daily Production: The Company averaged a production of 6.9 BTC per day, underscoring its operational efficiency and robust mining capabilities.
- Mining Capacity Increase: HIVE concluded February with a 4.2 EH/s ASIC mining capacity, reflecting a notable
9% increase month over month. The Company's HODL position at the end of February 2024 was 2,131 BTC, which was a10% increase from the prior month.
Strategic HODL Increase:
As of March 4, 2024, HIVE's HODL position increased further to 2,159 Bitcoin, up from 2,131 BTC at the end of February 2024.
This continuing increase aligns with the Company's strategy to strive to HODL, anticipating heightened demand for Bitcoin due to the adoption of Bitcoin as an alternative asset class as witnessed with stunning fund flows into the recent launching of Bitcoin ETF's. We believe as we approach the Halving event in April, the short-term volatility will remain high, and investors must be aware that HIVE like our peers are usually correlated with Bitcoin but with a greater amplitude in price volatility.
Executive Insights:
Frank Holmes, Executive Chairman, emphasized HIVE's strategic foresight, stating, "Our HODL strategy is to have a healthy balance sheet similar to what we had for the last Halving event in 2020."
Technological Advancements:
Aydin Kilic, President & CEO, highlighted the Company's technological stability with the integration of Bitmain S21 Antminers into its mining fleet. "These advanced machines not only bolster our mining efficiency but also provide sustainable stability by significantly reducing the cost of Bitcoin production," Kilic noted.
Operational Excellence and Future Outlook:
HIVE remains at the forefront of the blockchain technology sector, continuously enhancing its mining efficiency and expanding its green energy-powered data center facilities across Canada, Sweden, and Iceland. With a keen focus on financial stability, growth and innovation, HIVE is well-positioned to navigate the volatile crypto market dynamics while securing balanced growth and value for its stakeholders.
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 sustainable green energy focus.
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 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 ETH and 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.
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 February 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 current expectations, assumptions and/or beliefs of the Company 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/200657
FAQ
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