HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) reported that it mined 103 Bitcoin in November, increasing its Bitcoin holdings to 2,713 Bitcoin, a 67% year-over-year rise.
HIVE said that it maintained an average mining capacity of 5.3 Exahash per Second (EH/s) with fleet efficiency of 22.3 Joules per Terahash (J/TH) and achieved a peak hashrate of 5.7 EH/s.
Its daily production averaged 3.42 Bitcoin, equating to 19.3 Bitcoin per Exahash.
HIVE's Bitcoin holdings were valued at over $261 million at the end of November 2024, based on a Bitcoin closing price of approximately $96,400.
Strategic developments during November included the acquisition of 11,500 Avalon ASIC miners from Canaan Inc. and securing 8.6 EH/s of Bitmain S21+ Hydro machines.
These acquisitions aim to increase HIVE’s Bitcoin mining capacity to 15 EH/s by the summer of 2025. HIVE expects this expansion, which is fully funded by an at-the-market equity program, will generate more than $300 million in annual revenue and deliver more than $200 million in mining margin.
"We are extremely proud of the advancements made over the past month and remain focused on having the best unit economics in the Bitcoin mining industry,” HIVE CEO Aydin Kilic said.
“We expect to reach 15 EH/s of global hashrate capacity with a blended fleet efficiency of 17 J/TH upon full execution and installation our Canaan and Bitmain orders. These strategic orders position HIVE with one of the most efficient Bitcoin ASIC mining fleets in the industry, significantly reducing our Bitcoin production costs and increasing our operating margin.”
Frank Holmes, HIVE’s executive chairman, hailed November as a “monumental month” for the company as it works to capture 2% of the global Bitcoin network.
“This expansion underscores our team's commitment to efficient, eco-conscious operations and positions us strongly for sustainable long-term growth while maximizing cash flow return on invested capital,” Holmes said.