Bitcoin Miner Hive Digital Technologies Benefits from Acquisition of Bitmain Mining Rigs
Hive Digital Technologies, a Bitcoin miner, has revealed that its acquisition of a fleet of Bitmain mining rigs has already proven to be profitable. This success is primarily attributed to the significant increase in the price of Bitcoin. The company began acquiring these mining rigs after the collapse of FTX and believes that this move will position it favorably for the upcoming Bitcoin halving scheduled for April 2024.
Acquisition of Bitmain S19J Rigs
In December 2022, Hive purchased a total of 3,750 Bitmain S19J rigs and updated its software stack to accommodate these new rigs. The S19J rigs were top-of-the-line ASIC rigs at the time but have since been succeeded by the S19Ks, which consume less energy.
Growth in Mining Rig Acquisitions
Since the collapse of FTX, Hive Digital has acquired a total of 29,000 ASICs at an average price of approximately $13.70/TH. This includes two separate acquisitions of 9,800 Bitmain S19k Pro mining rigs. The recent acquisitions have improved the global fleet efficiency of Hive Digital and are expected to result in an operating hash rate of 4.8 EH/s by the end of December 2023.
Increased Bitcoin Production and Market Growth
Hive Digital reported producing 276.3 Bitcoins in November 2023 from ASICs and GPUs, with an average production rate of 66.7 Bitcoins per Exahash. Furthermore, Bitcoin’s price has increased by over 160% since January 1, benefiting miners who endured a challenging period during the crypto winter in 2022.
Hot Take: Hive Digital Technologies Capitalizes on Bitcoin’s Price Surge
Hive Digital Technologies has reaped the rewards of its strategic acquisition of Bitmain mining rigs. The surge in Bitcoin’s price has resulted in profitable Bitcoin production for the company. By expanding its fleet and improving efficiency, Hive Digital is well-positioned to take advantage of the upcoming Bitcoin halving. This success story showcases the potential profitability of investing in mining rigs and highlights the impact of market conditions on mining operations.
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