Hive Digital Technologies, a Bitcoin mining company, has revealed that its strategic move to acquire a fleet of Bitmain mining rigs in 2022 has already proven to be a lucrative decision, primarily attributed to the substantial increase in the price of Bitcoin (BTC).
In a statement released on December 8th, Hive Digital explained that their decision to acquire mining rigs began after the collapse of FTX, a move they believe will position them favorably for the upcoming Bitcoin halving scheduled for April 2024.
On December 22, 2022, Hive made a significant purchase of 3,750 Bitmain S19J rigs.
President and Chief Operating Officer, Aydin Kilic, noted that the team also updated its software stack to seamlessly integrate these new rigs.
While the S19J rigs were the top-of-the-line ASIC rigs in 2022, they have since been succeeded by the more energy-efficient S19Ks.
Hive Digital emphasized the significance of their acquisitions since the collapse of FTX in November 2022, which marked the beginning of a year-long bear market for Bitcoin.
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The company has procured a total of 29,000 ASICs at an attractive average price of approximately $13.70 per terahash (TH). These rigs boast an average output of 26 joules per terahash (J/TH).
As a result of these acquisitions, Hive Digital’s global fleet efficiency has surged to 28.9 J/TH, with an expected operating hash rate of 4.8 exahashes per second by the end of December 2023.
In November 2023 alone, the company produced 276.3 Bitcoin from both ASICs and GPUs, averaging 66.7 Bitcoin per exahash.
Bitcoin’s remarkable growth of over 160% since January 1st has greatly benefited miners, especially those who endured a challenging period in the crypto market from late 2021 through all of 2022.
Currently, Bitcoin is trading at $43,400, reflecting a 9.8% increase over the past seven days, according to data from Cointelegraph.
This upward trend has further solidified the profitability of Hive Digital’s strategic mining rig acquisitions, reaffirming their positive outlook for the future in the lead-up to the Bitcoin halving in 2024.
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