Vancouver-based
crypto mining company HIVE Digital Technologies Ltd. (NASDAQ: HIVE) has announced an increase in
its Bitcoin production capacity and holdings for the month of February 2024.
Although
production indicators have increased on a monthly basis, the number of Bitcoins
mined has decreased. In January, it was 234.6 BTC, averaging 7.6 BTC per day,
while in February, it was 200 BTC, averaging 6.9 BTC per day.
HIVE’s
mining operations maintained an average hashrate of 4.06 Exahash per second
(EH/s) throughout February, resulting in an average production of 60.5 Bitcoin
per Exahash. This performance was further bolstered by the integration of
Bitmain’s advanced S21 Antminers into the company’s mining fleet, enhancing
efficiency and reducing the cost of Bitcoin production.
As a result
of its successful mining operations, HIVE’s Bitcoin holdings, or
“HODL” position, grew by 10% during February, reaching 2,131 BTC by
the end of the month. At the current Bitcoin prices ($67,000 at the time of
writing), HIVE’s treasury is thus worth $143 million.
This
strategic HODL approach aligns with the company’s anticipation of heightened
demand for Bitcoin as an alternative asset class, particularly with the recent
launch of Bitcoin ETFs and the upcoming Bitcoin halving event in April.
“These
advanced machines not only bolster our mining efficiency but also provide
sustainable stability by…
