Hive Digital Technologies Executive Chairman Frank Holmes joined Steve Darling from Proactive to share news that the company saw positive production figures in May with Hive mining 119 Bitcoin, increasing its Bitcoin holdings by 3%, now totaling 2,451 Bitcoin on the balance sheet. HIVE maintained an average Bitcoin mining capacity of over 4.9 Exahash (“EH/s”) in May 2024.
Holmes told Proactive the company saw its HODL Position increase to 2,451 BTC, a 3% increase from the prior month, while Bitcoin has made all-time highs. Hive also saw its mining efficiency achieve an average of 24.5 Bitcoin per Exahash, ending the month of May with 5.0 EH/s, with an average hashrate of 4.9 EH/s throughout May. The company averaged production of 3.8 BTC per day, showcasing operational efficiency and robust mining capabilities.
Holmes highlighted the company's strategic focus on optimizing its operations and enhancing its mining efficiency. The consistent production figures and the increase in the HODL position underscore Hive's strong performance in the competitive cryptocurrency mining industry.
In addition to the positive production figures, Hive has also announced the acquisition of 1,000 Bitmain S21 Pro Antminers, the latest and most efficient machines on the market, having a hashrate of 234 Terahash per second and an efficiency of 15 J/TH. These units are expected to ship this month and are integral to the company's strategy of continually upgrading its fleet.
Holmes emphasized that the acquisition of the new Antminers is a critical component of Hive's growth strategy. By integrating these advanced machines, Hive aims to further boost its mining capacity and efficiency, positioning the company to capitalize on the rising demand for Bitcoin.
The company has reported that as of June 9, 2024, HIVE's HODL position increased further to 2,468 BTC, up from 2,451 BTC at the end of May 2024. This increase reflects Hive's commitment to strengthening its Bitcoin reserves and leveraging its mining capabilities to maximize value for its shareholders.
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