Hive Digital Technologies Achieves Positive Production and Expands Mining Fleet
TL;DR
HIVE's acquisition of 1,000 Bitmain S21 Pro Antminers increases mining efficiency, positioning the company to capitalize on rising demand for Bitcoin.
HIVE saw positive production figures in May, mining 119 Bitcoin with an average capacity of over 4.9 Exahash.
Hive's strong performance in cryptocurrency mining industry contributes to strengthening Bitcoin reserves and maximizing value for shareholders.
HIVE's focus on optimizing operations, increasing mining efficiency, and acquiring advanced machines reflects the company's commitment to growth and innovation.
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Hive Digital Technologies Executive Chairman Frank Holmes recently shared that the company achieved notable production figures in May, mining 119 Bitcoin and increasing its Bitcoin holdings by 3%, now totaling 2,451 Bitcoin. The company maintained an average Bitcoin mining capacity of over 4.9 Exahash (EH/s) throughout May 2024.
Holmes pointed out that Hive's HODL position rose to 2,451 BTC, up by 3% from the previous month. With Bitcoin reaching all-time highs, Hive also saw its mining efficiency reach an average of 24.5 Bitcoin per Exahash, concluding May with a hashrate of 5.0 EH/s and an average hashrate of 4.9 EH/s for the month. The company averaged a daily production of 3.8 BTC, demonstrating its operational efficiency and robust mining capabilities.
Holmes emphasized the company's strategic focus on optimizing operations and enhancing mining efficiency. The consistent production figures and the increase in the HODL position highlight Hive's strong performance in the competitive cryptocurrency mining industry.
In addition to the positive production figures, Hive announced the acquisition of 1,000 Bitmain S21 Pro Antminers, the latest and most efficient machines available, featuring a hashrate of 234 Terahash per second and an efficiency of 15 J/TH. These units are expected to be shipped this month and are a key part of the company's strategy to continually upgrade its fleet.
Holmes underscored that the acquisition of the new Antminers is a pivotal element of Hive's growth strategy. By incorporating these advanced machines, Hive aims to further boost its mining capacity and efficiency, positioning the company to capitalize on the rising demand for Bitcoin.
As of June 9, 2024, Hive's HODL position increased further to 2,468 BTC, up from 2,451 BTC at the end of May 2024. This increase reflects Hive's commitment to strengthening its Bitcoin reserves and leveraging its mining capabilities to maximize value for its shareholders.
For more details, the full press release can be viewed on News Direct.
Curated from News Direct
