Exciting Results from HIVE Digital Technologies Ltd.
2023 was a fantastic year for HIVE Digital Technologies Ltd. as the company proudly shares its unaudited Bitcoin production figures for the year. The company mined 3,260 Bitcoin and saw a 100% increase in hashrate from 2 EH/s at the end of 2022 to 4 EH/s at the end of 2023. This significant growth is a testament to HIVE’s commitment to global Bitcoin operations.
HIVE’s Impact on the Bitcoin Mining Network
Despite fierce competition, HIVE maintained approximately 1% of the global Bitcoin mining network throughout 2023. This allowed the company to mine an average of approximately 9 Bitcoin per day. By steadily increasing its hashrate, HIVE remained in step with the network’s hashrate growth, earning 3,260 Bitcoin in 2023, which represents about 1% of the total Bitcoin rewards mined that year.
Challenges and Growth in the Bitcoin Mining Network
The Bitcoin mining network continued to attract more efficient ASIC machines in 2023, driving a 100% increase in Mining Difficulty throughout the year. Despite this, HIVE’s network hashrate grew from 2 EH/s to approximately 4 EH/s by the end of 2023, allowing the company to maintain its 1% share of the network rewards.
Financial Position and Future Strategy
Ending 2023 with around $17 million in cash and a Bitcoin HODL position of 1,704 BTC, HIVE is well-positioned for future growth. The company’s HODL strategy aims to retain all its Bitcoin until the upcoming Halving, expected in April 2024, when the number of new Bitcoin mined per day will decrease to 450.
Expansion of Mining Operations
Further enhancing its mining capabilities, HIVE has successfully received all 9,800 of the Bitmain S19k Pro Antminers it ordered. With approximately 70% of these miners already installed, HIVE expects to have all the machines up and running by the end of January 2024. The company aims to achieve an average fleet efficiency of 28.7 J/TH with 4.8 EH/s of ASICs upon completion of the installation.
In addition, HIVE has ordered 7,000 Bitmain S21 Antminers, with installation expected to begin in January 2024 and conclude in June 2024. This will further bolster the company’s mining capacity to 5.6 EH/s, with an average fleet efficiency of 25 J/TH.
