- HIVE Digital Technologies is upgrading 1,000 miners to the Bitmain S21 Antminer, representing 200 petahash per second (PH/s) of Bitcoin mining capacity
- The move is intended to enable production flexibility during the upcoming Bitcoin halving and through the rest of 2024
- HIVE Digital Technologies, formerly HIVE Blockchain, is a Bitcoin miner and high-performance computing provider
- HIVE stock has added 40.10 per cent year-over-year and 104.44 per cent since 2019
HIVE Digital Technologies (TSXV:HIVE) is upgrading 1,000 miners to the Bitmain S21 Antminer, representing 200 petahash per second (PH/s) of Bitcoin mining capacity.
The S21 is the most efficient among Bitmain Bitcoin mining ASIC systems, boasting 17.5 joules per terahash (J/TH), allowing the company to increase its target exahash from 5.3 EH/s to 5.5 EH/s by the end of June 2024.
HIVE is improving its costs through the new miners, which add to the 7,000-unit purchase announced in December 2022, in anticipation of the upcoming Bitcoin halving event expected in April 2024. A halving refers to the 50 per cent reduction in Bitcoin payment for miners on the Bitcoin network who perform the essential role of validating transactions. The deflationary event, the only way new Bitcoins are minted, will occur for the last time in 2140, capping the global Bitcoin supply at 21 million.
Rather than adding additional machines and timing the market, in the hopes of capitalizing on a potential price bump, the company is choosing to mitigate risk and “stay lean during the halving,” according to Thursday’s news release, preferring to be able to run at variable loads and control costs over the course of 2024.
HIVE reported 2,070 Bitcoins on its balance sheet as of Wednesday. It plans on holding 100 per cent of the Bitcoins it’s mining over the long term, supported by the cryptocurrency’s built-in scarcity and hefty U.S. ETF inflows.
HIVE Digital Technologies, formerly HIVE Blockchain, is the first cryptocurrency mining company listed on the TSXV with a sustainable green energy focus. The company operates green energy-powered data centre facilities in Canada, Sweden and Iceland, and it is actively expanding its presence in the high-performance computing industry beyond digital assets.
HIVE Digital Technologies (TSXV:HIVE) last traded at C$5.52 per share. The stock has added 40.10 per cent year-over-year and 104.44 per cent since 2019.
Join the discussion: Find out what everybody’s saying about this Bitcoin mining stock on the HIVE Digital Technologies Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.