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HIVE Digital Announces Bitcoin Production and HODL Growth in March 2024 to 2,287 Bitcoins
Monday, April 8, 2024Company Profile | Follow Company
Vancouver, BC, April 7, 2024--(T-Net)--HIVE Digital Technologies Ltd. (TSX.V: HIVE, Nasdaq: HIVE), a pioneer in green energy-powered blockchain infrastructure, has announced its unaudited production figures for March 2024, with approximately $160 million of Bitcoin on the balance sheet.
The Company says it has increased its Bitcoin holdings by 10% and its HODL position at month-end was now 2,287 Bitcoin on the balance sheet.
HIVE says it has maintained over 4.5 Exahash ("EH/s") of Bitcoin mining capacity, on average, for March 2024 (all amounts in US dollars, unless otherwise indicated).
March 2024 Highlights:
Strategic HODL Increase:
As of April 4, 2024, HIVE's HODL position increased further to 2,315 Bitcoin, up from 2,131 BTC at the end of February 2024.
This continued increase aligns with the Company's strategy to strive to HODL, anticipating heightened demand for Bitcoin due to the adoption of Bitcoin as an alternative asset class, as witnessed with strong fund flows into the recent launch and approval of spot Bitcoin ETFs.
The Company says it has strived to manage for highest cash flow return on invested capital (CFROIC) on a per share basis, while remaining sensitive to shareholder dilution in its overall strategy.
HIVE believes that as the Halving event in April nears closer, the short-term volatility in the Company's stock price will remain high, and investors must be aware that, like its peers, is typically correlated with Bitcoin, but with a greater amplitude in price volatility.
Frank Holmes, Executive Chairman, stated, "Our HODL strategy is to have a healthy balance sheet similar to what we had for the last Halving event in 2020. We ended the quarter with a strong working cash position of approximately $160 million in Bitcoin and cash of $11 million with G&A costs to mine a Bitcoin under $6,000.
Aydin Kilic, President and CEO, said, "We have approximately 2,000 S21 Antminers arriving and expected to be installed before the Halving event. Additionally, HIVE has approximately 3,000 additional S21 Antminers being delivered by June 2024. In total, HIVE will receive 5,095 S21 Antminers within the next three months, bringing our total target hashrate to 5.5 EH/s and a global average fleet efficiency of 25 J/TH."
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 industry. As a company whose shares trade on a major stock exchange, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we endeavour to source green 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 ETH and 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 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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