- HIVE Digital Technologies (TSXV:HIVE) posted a solid September with unaudited production results detailing 112 Bitcoin mined, unchanged from August
- The company increased its long-term investment in the cryptocurrency by 1.4 per cent month-over-month and by 50 per cent year-over-year to 2,604 Bitcoin
- HIVE is a cryptocurrency mining and high-performance computing company with a focus on sustainable green energy
- HIVE Digital Technologies stock has added 3.19 per cent year-over-year and 366.67 per cent since 2019
HIVE Digital Technologies (TSXV:HIVE) posted a solid September with unaudited production results detailing 112 Bitcoin mined, unchanged from August.
The miner increased its long-term investment in the cryptocurrency by 1.4 per cent month-over-month and by 50 per cent year-over-year to 2,604 Bitcoin.
It achieved this growth with an average mining capacity for the month of more than 5.3 Exahash per second using primarily hydroelectric power, reaching daily production of 3.73 Bitcoin.
HIVE’s long-term or hold-on-for-dear-life (HODL) investment in Bitcoin is valued at approximately US$160 million at the time of writing.
Key updates for HIVE investors in September 2024
- The crypto miner and high-performance computing company has been helping to balance the electrical grid with its operations in Sweden. “With our proprietary software, we can swiftly adjust from 30 MW to any required level within seconds, supporting the community during critical moments,” said Johanna Thörnblad, HIVE’s country president for Sweden. “This time, our flexibility ensured uninterrupted power supply to essential services, including hospitals and police facilities. 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.”
- HIVE increased its at-the-market equity program with Stifel to US$200 million, keen on leveraging the more than US$400 billion full-service brokerage and investment banking firm and its track record of creating value for mid-capitalization tech companies by helping them reach new investors.
- The company also recently filed a base shelf prospectus for US$300 million to support ongoing ASIC miner upgrades and expansion in Paraguay with eyes on sustained growth.
Leadership insights
“September was a productive month, which included our sponsorship of major blockchain events in Europe. HIVE is also listed in Germany. We’re progressing well with our growth plan in Paraguay, with a goal to be 2 per cent 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,” Frank Holmes, executive chairman of HIVE Digital Technologies, said in a statement.
“Our primary focus is on upgrading our ASIC fleet, currently operating at 128 MW,” added Aydin Kilic, HIVE’s president and chief executive officer. “Over the next six months, we’ll be enhancing efficiency by replacing older ASICs with S21 Pro models. This upgrade is expected based on factors known today to lower our Bitcoin production cost to approximately US$28,500 at current difficulty levels.”
About HIVE Digital Technologies
HIVE is a cryptocurrency mining and high-performance computing company with a focus on sustainable green energy. It owns and operates datacentre facilities in Canada, Sweden and Iceland, as well as more than 38,000 commercial-grade NVIDIA graphic processing units, and has held the majority of its Bitcoin derived from mining rewards in secure storage since 2021.
HIVE Digital Technologies stock (TSXV:HIVE) last traded at C$4.20 per share. The stock has added 3.19 per cent year-over-year and 366.67 per cent since 2019.
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(Top image: HIVE Digital Technologies)
