Bitcoin Miner Hive Digital Technologies Reports Profit from Acquisition of Bitmain Rigs

Hive Digital Technologies' Strategic Move

Bitcoin mining company Hive Digital Technologies has announced that its decision to acquire a fleet of Bitmain mining rigs last year has already proven to be profitable. The increase in the price of Bitcoin played a significant role in this success.

Preparing for the Bitcoin Halving

Hive Digital revealed in a statement on December 8 that it had been acquiring mining rigs since the collapse of FTX, a move it believes will give it an advantage in the upcoming Bitcoin halving, scheduled for April 2024.

The Acquisition of Bitmain S19J Rigs

In December 2022, Hive Digital purchased a total of 3,750 Bitmain S19J rigs. The company's President and COO, Aydin Kilic, stated that the team also updated its software stack to accommodate the new rigs. Although the S19J rigs were the top-of-the-line ASIC rigs in 2022, they have since been succeeded by the S19Ks, which consume less energy.

Expanding the Fleet

Since the collapse of FTX, Hive Digital has purchased a total of 29,000 ASICs, with two separate acquisitions of 9,800 Bitmain S19k Pro mining rigs announced this year. The company described the acquisition price as attractive, considering the rigs' average output of 26 J/TH.

Increased Efficiency and Output

Hive Digital reported that the recent acquisitions of mining rigs have led to an increase in its global fleet efficiency, with a rate of 28.9 J/TH and an expected operating hash rate of 4.8 EH/s by the end of December 2023.

Profitable Bitcoin Production

In November 2023, Hive Digital produced a total of 276.3 Bitcoin from ASICs and GPUs, averaging 66.7 Bitcoins per Exahash. The surge in the price of Bitcoin since the beginning of the year has been beneficial for miners, who experienced a challenging period in 2021 and 2022.

Bitcoin is currently being traded at $43,400, with a 9.8% increase in the last seven days, according to Cointelegraph price data.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. The price of Bitcoin and other cryptocurrencies is highly volatile and may fluctuate significantly. Readers should conduct their own research and consider seeking advice from a qualified professional.