HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) has increased its bitcoin mining capacity by purchasing another 1,000 Bitmain S21 Antminers to provide 200 petahashes per second (PH/s) of high-efficiency bitcoin mining capacity.
The S21 is the newest and most efficient Bitmain Bitcoin mining application-specific integrated circuit (ASIC) system, boasting 17.5 joules per terahash.
HIVE is gearing up for the 'Bitcoin Halving' event, expected to occur in late April 2024.
The publicly listed data center and bitcoin miner is concentrating its efforts on upgrading its mining fleet with the most efficient machines available to gain a strategic advantage post-Halving.
This will “lower our average costs to produce a bitcoin”, said the group in a Thursday operational update.
“By upgrading our existing ASICs in our inventory to the S21, we will increase our 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 our most efficient machines in our 140 MW of operating infrastructure globally.”
HIVE believes it is important to stay lean during the Halving, “as having low fixed costs, and an inventory of highly efficient ASIC we 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".
Hive also said it continues to HODL 100% of the bitcoins it mines, with the balance sheet counting 2,070 BTC as of February 21, 2024.
At current spot prices of around US$51,500, this puts the market value of Hive’s bitcoin HODL at more than US$106 million.