HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) announced that it mined 112 Bitcoin during August, boosting its total digital asset holdings by 1% to 2,567 Bitcoin.
It averaged 22.4 Bitcoin per Exahash, ending the month with a 5.3 EH/s capacity and a consistent average hashrate of 5 EH/s.
The company also revealed that it has acquired 1,000 Bitmain S21 Pro Antminers for immediate delivery to upgrade its suite of machines, which will enhance its mining efficiency and capacity.
It also purchased 300 Bitmain S19 XP miners to leverage available rack space at its Lachute facility, which were installed in August.
"Over the past month, we have optimized our fleet's performance, achieving an average hashrate of approximately 5.2 EH/s by fine-tuning the firmware of our 30 J/TH machines, improving their efficiency to 27-28 J/TH. This has led to a global fleet efficiency of approximately 23 J/TH,” HIVE Digital CEO Aydin Kilic said in a statement.
“We plan to continue this optimization over the next nine months, upgrading our remaining 30 J/TH ASICs. This will increase our installed hashrate at existing facilities to 6.9 EH/s with a blended fleet efficiency of 19 TH/s."
With the completion of its Paraguay facility, the company aims to achieve a total hashrate of 13.5 EH/s and blended efficacy of 16.9 J/TH by the end of 2025.
The company highlighted that with a Bitcoin HODL value above $164 million as of August 31, 2024, its enterprise value is compelling when compared to its peers in the industry.
"We remain focused on our strategy of maintaining the lowest G&A expenses per Bitcoin mined, maximizing cash flow return on invested capital, and achieving high revenue per employee while minimizing share dilution,” HIVE Digital chairman Frank Holmes commented.
“Our disciplined approach, supported by a global team operating across nine time zones, positions HIVE as one of the leanest Bitcoin mining operations with an attractive EV to EBITDA multiple, holding over 2,500 clean and green Bitcoin on our balance sheet."
--Updated to note amount of Bitcoin held as of August 31, 2024--