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HIVE Digital Technologies Announces Purchase of 1,000 New Energy Efficient Bitmain S21 Antminers and HODL Increase to 2,070 Bitcoin
Friday, February 23, 2024Company Profile | Follow Company
Vancouver, BC, February 22, 2024--(T-Net)--HIVE Digital Technologies Ltd. (TSX.V: HIVE) (Nasdaq: HIVE) announced the purchase of 1,000 Bitmain S21 Antminers (the "S21"), which would provide 200 petahash per second ("PH/s") of high efficiency Bitcoin mining capacity.
The S21 is the newest and most efficient Bitmain Bitcoin mining ASIC system, boasting 17.5 joules per Terahash ("J/TH"). Additionally, HIVE now has 2,070 Bitcoin on the balance sheet as of February 21, 2024.
HIVE says it is continuing its strategic preparation for the Bitcoin Halving event, expected to occur in late April 2024. Rather than expanding their footprint at this time, the company says they are upgrading their fleet with the most efficient machines available, which in turn will lower their average costs to produce a Bitcoin.
By upgrading their existing ASICs in their inventory to the S21, the company says it will increase their target Exahash from 5.3 EH/s at 24.7 J/TH by the end of June 2024 to 5.5 EH/s by running only their most efficient machines in their 140 MW of operating infrastructure globally.
HIVE said in a release that it believes it is important to stay lean during the Halving, as having low fixed costs, and an inventory of highly efficient ASIC they can run at variable load to minimize variable costs, will allow the Company agility, thus putting HIVE in a strong position to navigate the rest of 2024.
In addition, the company says it continues to HODL 100% of the Bitcoin they are mining. With the Halving, the Bitcoin block reward will drop from 900 Bitcoin per day, to 450 Bitcoin per day. With this pre-determined scarcity in the Bitcoin ecosystem, along with the strong US Bitcoin ETF inflows, HIVE believes it is prudent to hold a treasury of Bitcoin on their balance sheet.
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 and high-performance computing industry. As a company whose shares trade on major stock exchanges, we are building a bridge between the digital currency and blockchain sectors and traditional capital markets. HIVE owns green energy-powered data center facilities in Canada, Sweden, and Iceland, where we endeavour to source geothermal and hydroelectric 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 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 and high-performance computing space.
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 securities legislation 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, statements with respect to information about the Offering and the use of proceeds, potential dilution and application of the Penalty Provision; business goals and objectives of the Company; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon. [ MORE ] |
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HIVE Digital Technologies Ltd.
Vancouver (Other Tech Sectors)
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