HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) reported impressive performance for September 2024, increasing its Bitcoin holdings month-over-month.
The company mined 112 Bitcoin during the month, which contributed to a 1.4% increase in its Bitcoin reserves, bringing the total to 2,604 Bitcoin.
This represents a 50% growth in its Bitcoin portfolio over the past 12 months, solidifying HIVE's position as a key player in the cryptocurrency mining industry.
HIVE's mining operations maintained strong capacity throughout September, reaching a peak of 5.6 Exahash per second (EH/s), with an average capacity of over 5.3 EH/s. The company's fleet efficiency stood at 23 joules per terahash.
With an average daily production rate of 3.73 Bitcoin, HIVE demonstrated its ability to produce consistent results while leveraging sustainable energy, primarily hydroelectric power.
The company’s Bitcoin holdings were valued at over $160 million as of the end of September, underscoring HIVE's attractive enterprise value relative to its industry peers.
"September was a productive month, which included our sponsorship of major blockchain events in Europe. HIVE is also listed in Germany,” HIVE executive chairman Frank Holmes commented.
“We're progressing well with our growth plan in Paraguay, with a goal to be 2% of the Bitcoin mining network by late 2025, which equates to around 9 Bitcoin produced daily. By the end of September, we were already achieving over 4 Bitcoin per day."
In Sweden, HIVE continues to play a pioneering role in grid balancing, utilizing proprietary software to support the local energy infrastructure.
Johanna Thörnblad, HIVE's Country President for Sweden, emphasized the company's ability to adjust its energy usage swiftly, ensuring uninterrupted power supply to essential services like hospitals and police stations.
"With our proprietary software, we can swiftly adjust from 30 MW to any required level within seconds, supporting the community during critical moments,” Thörnblad said.
“We're proud to be reliable team players in Boden, and our proactive efforts contribute to maintaining a healthy and resilient local ecosystem. By balancing energy demands, we not only support community infrastructure but also minimize environmental impact, promoting sustainability in every aspect of our operations."
Additionally, HIVE CEO Aydin Kilic discussed the company’s ongoing efforts to upgrade its mining equipment, which is currently operating at 128 MW.
“Over the next six months, we'll be enhancing efficiency by replacing older ASICs with S21 Pro models,” he said.
“This upgrade is expected based on factors known today to lower our Bitcoin production cost to approximately $28,500 at current difficulty levels."
The company is well-positioned for future growth, having recently filed a Base Shelf Prospectus for $300 million.
This funding will support the company’s ongoing expansion and equipment upgrades, particularly in Paraguay.
HIVE has also partnered with financial leader Stifel for an At-The-Market (ATM) offering, which will enhance the company’s capital-raising efforts and market presence.