As a seasoned researcher with a keen interest in the crypto market, particularly Bitcoin, I find HIVE Digital’s recent performance quite intriguing. With a 67% year-over-year growth in their BTC holdings and a strategic expansion of their mining operations, they are undeniably making significant strides towards capturing a larger share of the global Bitcoin network.
In November 2024, HIVE Digital unveiled the outcomes of their mining operations, reporting the extraction of 103 Bitcoins and a significant 67% increase in their Bitcoin reserves compared to the previous year.
Bitcoin mining company HIVE Digital recently disclosed its production results for November 2024, showing a significant 67% growth in its Bitcoin holdings compared to the preceding year. In a press release dated December 9th, the firm announced it had mined approximately 103 Bitcoins in November alone, which added to their total Bitcoin portfolio that now stands at around 2,713 Bitcoins as of November 30th.
Regarding its mining capabilities, HIVE consistently averaged around 5.3 exahashes per second (EH/s) throughout the period. The company’s highest hashrate for the month peaked at 5.7 EH/s. By November’s end, the estimated worth of HIVE’s Bitcoin holdings was approximately $261 million, given a closing Bitcoin price of $96,400.
Over the last month, HIVE has grown its mining activities, acquiring 11,500 Avalon ASIC miners from Canaan Inc. and 8.6 EH/s of Bitmain’s S21+ Hydro machines. This acquisition is a component of the company’s strategy to achieve a total mining power of 15 EH/s by summer 2025. Once fully operational, it’s anticipated that this purchase will yield over $300 million in yearly income.
Frank Holmes, head of HIVE, announced that the company’s recent growth is part of their plan to secure 2% of the worldwide Bitcoin network. Meanwhile, Aydin Kilic, CEO of HIVE Digital, stated they are progressing towards enhancing fleet efficiency and lowering production costs. Once their new equipment is fully functioning, they anticipate a combined fleet efficiency of 17 J/TH will be reached.
Based on recent news updates, the share price of HIVE Digital (HIVE) experienced a significant increase, climbing up by 6.1% to reach $4.35, as indicated by data sourced from Nasdaq.
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2024-12-09 11:50