HIVE Digital Technologies Ltd., a Vancouver-based cryptocurrency mining firm, reported an enhancement in its Bitcoin mining capabilities and reserves in February 2024, despite a slight decrease in production compared to January.
In the previous month, the company mined 234.6 Bitcoins, averaging 7.6 per day, but saw a reduction to 200 Bitcoins in February, with a daily average of 6.9.
Despite this, HIVE achieved an impressive hashrate of 4.06 Exahash per second (EH/s), translating to an average of 60.5 Bitcoins per Exahash, thanks to the integration of Bitmain’s S21 Antminers into their operations.
These advancements have not only improved efficiency but also reduced production costs.
By the end of February, HIVE’s Bitcoin holdings expanded by 10%, totaling 2,131 BTC, valued at approximately $143 million at the time.
The company’s strategic accumulation of Bitcoin underscores its optimism regarding the cryptocurrency’s demand, spurred by new Bitcoin ETFs and the anticipated Bitcoin halving event in April.
HIVE’s President and CEO, Aydin Kilic, emphasized the importance of the advanced mining equipment for enhancing mining efficiency and ensuring sustainable growth.
By March 4, 2024, HIVE’s Bitcoin inventory further increased to 2,159 BTC, demonstrating the company’s ongoing commitment to expanding its Bitcoin reserves.
Executive Chairman Frank Holmes highlighted the company’s balanced approach to its holdings, aiming for financial stability akin to their position during the last halving event in 2020.
The broader context shows HIVE Digital and other publicly traded miners like Argo Blockchain facing challenges amid the cryptocurrency market’s fluctuations.
Despite Bitcoin’s price surge, the mining sector has encountered difficulties, with HIVE’s value dropping 25% on Nasdaq this year, and Argo’s by approximately 50%.
Argo’s CEO, Thomas Chippas, noted that despite a production dip due to maintenance issues, lower power costs in February are expected to favorably impact the company’s mining profitability and cash flow.
This situation highlights the varying fortunes of cryptocurrency companies and miners as the market evolves.