- HIVE Digital Technologies (TSXV:HIVE) mined 282.8 Bitcoins in December 2023, up from 276.3 Bitcoins in November
- The company’s HODL (i.e long-term oriented) position at month-end stood at 1,707 Bitcoins, an increase of 80 coins from November
- HIVE Digital Technologies offers exposure to Bitcoin and the high-performance computing industry
- HIVE Digital Technologies stock (TSXV:HIVE) is up by 136.33 per cent year-over-year and by 266.46 per cent since 2019
HIVE Digital Technologies (TSXV:HIVE) mined 282.8 Bitcoins in December 2023, up from 276.3 Bitcoins in November.
The figure represents an average of 71.6 Bitcoins per exahash (EH), with an average hashrate of 3.95 EH/s for the month.
HIVE’s average production of 9.1 Bitcoins per day in December represents approximately 1 per cent of the cryptocurrency’s global network.
The company’s HODL (i.e long-term oriented) position at month-end stood at 1,707 Bitcoins, an increase of 80 coins from November.
December 2023 production figures
- 273.5 Bitcoins produced from Application-Specific Integrated Circuit (ASIC) miners from an average hashrate of 3.82 EH/s
- 8.8 Bitcoins produced per day on average from ASICs
- 4.08 EH/s of Bitcoin month-end hashrate as of Dec. 31, composed of 4.05 EH/s of ASIC Bitcoin hashrate and 0.03 EH/s of Graphics Processing Unit (GPU) Bitcoin hashrate
- Consistent month-over-month-end Bitcoin ASIC hashrate (Nov. 30 month-end came to 4.03 EH/s)
- Monthly average of 3.95 EH/s, including an average of 3.82 EH/s of ASIC mining capacity and an average of 130 PH/s of Bitcoin GPU mining capacity
- A 4.6 per cent month-over-month decrease in average Bitcoin hashrate from ASICs and GPUs combined (November average was 4.14 EH/s)
New Brunswick facility updates
HIVE’s New Brunswick facility is currently operating at 1.8 EH/s as its substation undergoes final maintenance. Operations are expected to resume this month, with a full potential of 2 EH/s.
The relationship between Bitcoin mining difficulty and HIVE Digital’s bottom line
Bitcoin network difficulty, which reflects active miners, was 68 T as of Dec. 1, increasing to an all-time-high of 72 T as of Dec. 31. The jump coincides with an ongoing crypto bull market spearheaded by the seemingly imminent approval of a U.S. spot Bitcoin ETF.
Network difficulty is key to a Bitcoin miner’s gross profit margin because as more Bitcoins are mined, the daily Bitcoin reward for doing so (currently 900 Bitcoins per day), is divided among more miners. Conversely, as Bitcoin drops in price, miners without lean operations may incur losses and close up shop.
Miners with low-cost production – thanks to operational efficiencies, and strategically chosen equipment and energy providers – will be best suited to weather crypto market volatility, and HIVE is clearly among them.
The company maintained Bitcoin production between 200 to just over 300 coins between October 2022 and September 2023, as well as consistent operating profits, despite rising network difficulty over the period. It also boasts some of the lowest general and administrative expenses per Bitcoin mined, when compared with leading competitors, at only 9 per cent of revenue.
HIVE plans to grow its hashrate to 6 EH/s in 2024, up from 2.4 EH/s in Oct. 2022, but is also able to partially curtail operations if unhedged spot energy prices are uneconomical, while still collecting revenue from its emerging high-performance computing business.
HIVE Digital welcomes a new chief operating officer and chief information officer
HIVE has appointed Luke Rossy as chief operating officer and Mario Sergi as its new chief information officer.
Frank Holmes, HIVE Digital’s executive chairman, and Aydin Kilic, HIVE’s president and chief executive officer, commented on the new hires.
“Luke Rossy has been with HIVE since we acquired our New Brunswick data centre from GPU One almost three years ago, and we are proud to promote him as our chief operating officer,” Holmes said in a news release. “In this time, he has demonstrated a strong work ethic, a curiosity to learn with improved critical thinking and an initiative to learn and tackle new challenges. Luke has taken on leadership roles to manage and support our global team and ASIC mining operations.”
“I have worked very closely with Luke in this time, where our goal has been for HIVE to lead as the most efficient Bitcoin miner,” Kilic added. “Coming from a strong foundation of code implementations in novel applications in proof-of-work algorithms, additionally, Luke has represented HIVE globally at Bitcoin industry conferences, and has developed a mastery of Bitcoin mining systems and analytics.”
“Mario Sergi, who joined HIVE in August 2021, brings a wealth of experience to HIVE as well in his current role as operations and infrastructure manager,” Kilic continued. “Since joining HIVE, he has expanded his horizons immensely, implementing new systems and network architectures to bolster the company’s GPU business operations out of Tier-3 data centres, laying the foundation for our AI infrastructure. Mario has been diligent, resourceful and has exhibited the discipline and tactical skill to oversee the company’s information systems globally.”
HIVE Digital Technologies is the first cryptocurrency mining company listed on the TSXV with a sustainable green energy focus. The company is dedicated to building a bridge between the digital currency and blockchain sectors and traditional capital markets through its green energy-powered data centre facilities in Canada, Sweden and Iceland.
HIVE Digital Technologies stock (TSXV:HIVE) is up by 136.33 per cent year-over-year and by 266.46 per cent since 2019. The TSX, in comparison, is up by only 6.53 per cent year-over-year and by 44.65 per cent since 2019.
Click here to read HIVE’s latest investor presentation.
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