HIVE Digital Technologies' 2023 Bitcoin Production and Expansion
Overview of 2023 Bitcoin Production
HIVE Digital Technologies Ltd. successfully mined 3,260 Bitcoin throughout 2023, marking a significant achievement in its global Bitcoin operations. The company's hashrate saw a 100% increase, reaching 4 Exahash per second (EH/s) by the end of December 2023. This growth enabled HIVE to maintain approximately 1% of the global Bitcoin mining network.
Strategic Growth and Mining Efficiency
Throughout 2023, HIVE effectively kept pace with the increasing Bitcoin mining network hashrate. The company averaged mining 9 Bitcoin per day, positioning itself competitively within the network. The global Bitcoin mining network continued to improve with the introduction of more efficient ASIC machines, leading to a 100% increase in mining difficulty over the year.
Financial Position and HODL Strategy
By the end of 2023, HIVE held approximately $17 million in cash and maintained a Bitcoin HODL position of 1,704 BTC. The company plans to HODL its Bitcoin until the anticipated Bitcoin Halving event in April 2024, which will see a reduction in daily new Bitcoin production to 450 Bitcoins.
Bitmain S19k Pro Antminers Update
HIVE has completed the shipment of all 9,800 Bitmain S19k Pro Antminers, with about 70% installed. Full installation is expected by January 2024, increasing the company's mining capacity to 4.8 EH/s with an average fleet efficiency of 28.7 J/TH.
Future Expansion Plans
Looking ahead, HIVE plans to install 7,000 Bitmain S21 Antminers starting January 2024, with completion expected by June 2024. This installation will enhance HIVE's mining capacity to 5.6 EH/s and improve fleet efficiency to 25 J/TH. This strategic expansion highlights HIVE's commitment to maintaining its competitive edge in the Bitcoin mining industry.
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