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HIVE Digital anuncia la nueva compra de 5000 mineros ASIC Bitmain S19k Pro a medida que nuestra producción se acerca a 5 Exahash
Este comunicado de prensa constituye un "comunicado de prensa designado" a los efectos del suplemento del prospecto de la Compañía con fecha del 10 de mayo de 2023 a su prospecto básico abreviado con fecha del 1 de mayo de 2023.
Vancouver, Canadá – HIVE Digital Technologies Ltd. (TSX.V:HIVE) (Nasdaq:HIVE) (FSE:YO0.F) (la “Compañía” o “HIVE”), una minera líder en activos digitales y datos enfocados en lo “verde” El constructor y operador del centro proporciona una actualización estratégica y anuncia la compra de 5.000 mineros Bitmain S19k Pro ASIC (todos los montos en dólares estadounidenses, a menos que se indique lo contrario).
Con una eficiencia de 23 julios por terahash (“J/TH”), se espera que estos 5000 mineros S19k Pro ASIC se entreguen dentro de 30 días y nos permitirán actualizar una parte de nuestra flota mejorando nuestra eficiencia J/TH promedio, mientras su entrega rápida también permitirá a HIVE generar rápidamente flujo de caja y retornos. La Compañía espera que estas máquinas de última generación generen un flujo de caja positivo después de la reducción a la mitad de Bitcoin el próximo año. Esta compra se suma a los 4.800 mineros S19k Pro anunciados el 14 de noviembre de 2023.
La instalación de los nuevos 5.000 mineros S19k Pro mejorará significativamente la eficiencia de nuestra flota global, incrementándola a aproximadamente 29 J/TH. Esta última compra demuestra nuestro enfoque en aumentar nuestra tasa de hash, al mismo tiempo que mejora la eficiencia promedio general de nuestra flota, lo que reducirá y optimizará nuestro costo de producción por Bitcoin antes de la próxima reducción a la mitad de Bitcoin en abril de 2024 con nuestro objetivo de alcanzar 6.0 Exahash.
HIVE ha adquirido aproximadamente 29.000 ASIC desde el reciente fondo del mercado en noviembre de 2022, por un total de aproximadamente 3,35 Exahash.
Cada compra de minero ASIC se realizó con la intención de maximizar el retorno del capital invertido buscando ofertas de máquinas con precios bajos de $/TH y entrega casi inmediata. Esto refleja nuestro enfoque estratégico y analítico para asegurar las mejores oportunidades para nuestros accionistas, en lugar de realizar grandes pedidos, con plazos de entrega prolongados, con riesgo de dilución y vulnerabilidad a los cambios del mercado.
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Summary Overview:
- HIVE produced 276.3 Bitcoin in the month of November, from ASIC and GPU mining operations, representing an average of 66.7 Bitcoin Per Exahash;
- HIVE produced an average of 9.2 BTC per day in November 2023;
- HIVE ended the month with 4.18 EH/s of mining capacity, including ASIC and GPU BTC hashrate, a 5.4% month over month increase as we continue to increase both our efficiency and growth plans;
- HIVE had a November monthly average hashrate of 4.14 EH/s which is a 5.2 % increase from October which was 3.94 EH/s
The Company notes that it has recently purchased a total of 9,800 Bitmain S19k Pro miners which have a machine efficiency of 23 J/TH.
Since the collapse of FTX in November 2022, which marked Bitcoin heading into a year long bear-market, HIVE has used the opportunity to acquire new generation ASICs at attractive $/TH prices.
Notably, in this period, HIVE has purchased approximately 3.35 Exahash of new generation Bitcoin mining ASICs, with an average fleet efficiency of approximately 26 J/TH. This is represented by the acquisition of approximately 29,000 ASICs, totalling approximately 88 MW, which has allowed HIVE to upgrade its 50 J/TH and 42 J/TH machines. In addition, the Company has upgraded many of the 38 J/TH machines that were operating. Upon installation of our latest purchase of 9,800 S19k Pro miners, of which 5,300 are expected to ship in the next day, with the balance expected to ship within a week, our installed fleet efficiency globally at HIVE will be approximately 28.9 J/TH with an expected operating hashrate of 4.8 EH/s by the end of December. This puts HIVE in an advantageous position for the halving, as our fleet is optimized for efficiency, best return on invested capital (ROI), with our goal to stay cashflow positive after the halving.
The Company notes that in its strategy to acquire ASICs for best cash flow ROI, some of our purchases in the last year, notably our S19j Pro purchases from December 2022 have already paid themselves off (over 100% ROI approximately) after accounting for electrical operating costs. The Company maintains that by opportunistically purchasing machines with immediate delivery, and at low $/TH prices, HIVE can realize returns on our investments, thus we aim to expand accretively, where our ASIC investments pay themselves off.
The approximately 29,000 ASICs were purchased at an average price of approximately $13.70/TH, which the Company believes is a very attractive acquisition price for machines with an average fleet efficiency of 26 J/TH.
Ai and HPC Strategy
We continue to build out our HPC strategy with our Nvidia chips and our beta test has now achieved a new milestone of monthly revenue as we have discussed in our last quarterly webcast.
Bitcoin Global Network Mining Difficulty Is Volatile
Network difficulty factors are a significant variable in the Company’s gross profit margins. The Bitcoin network difficulty was 55.62 T as of November 1, and increased to an all-time high of 57.12 T as of November 30. Accordingly, Bitcoin mining difficulty ended the month about 3% higher than the beginning of the month.
The Bitcoin Network Difficulty is a publicly available statistic, which reflects the total number of Bitcoin miners online and is important in analyzing a company’s gross profit margins, and number of Bitcoin produced. This data is available on many websites, here is one citation: https://www.blockchain.com/explorer/charts/difficulty
As more people mine Bitcoin (difficulty increases), the daily Bitcoin block reward which presently is fixed at 900 Bitcoin per day, gets split amongst more miners; thus, each miner receives a smaller portion of the block reward. Conversely, as Bitcoin prices fall, many miners may lose money, and power down, taking their hashrate off the network, causing Network Difficulty to decrease.
Those miners with the lowest costs of production, by virtue of having more efficient machines and/or lower energy costs, are able to continue their production during these volatile cycles. Not all miners will continuously mine during the month, as a result some miners will produce less Bitcoin than expected, relative to their advertised hashrate. For the foregoing reasons, HIVE will self-curtail part of its operations if the unhedged spot energy prices are uneconomical, thereby leaving part of its total gross hashrate unutilized.
All Bitcoin miners are striving to use the most efficient Bitcoin ASIC chips, and we are happy that we have been able to upgrade our global fleet during this crypto market downturn.
This strategic investment aligns with HIVE's commitment to build long-term value for its investors through the acquisition and development of substantial assets to be added to its balance sheet. Moreover, this investment further supports HIVE’s sustainable growth and reinforces its position as a key player in the digital technology sector.
Located in Boden, Sweden, in close vicinity of our existing data center. We are looking forward to further developing this facility within our global portfolio and utilizing it to plug our incoming new generation ASIC servers and increasing our Bitcoin production.
Aydin Kilic CEO said “This strategic data center acquisition furthers our commitment to putting hard assets on our balance sheet. The addition of this 6 MW of capacity for shares and cash is expected to add around 250 PH/s to Hive’s hashrate growth plans. Johanna Thornblad, HIVE’s Country President, Sweden added, “I am proud of the hard work and commitment of the global HIVE team to see this process through to completion, and this new data center is only 200 meters from our existing data center.”
In consideration for the Acquisition of the Property, HIVE has paid to the Vendor: (i) $750,000 in cash; and (ii) 345,566 common shares in the capital of the Company (“Common Shares”) at a price of $2.8938 (CAD$3.93) per Common Share. A second payment of up to 172,783 Common Shares at a price of $2.8938 (CAD$3.93) per Common Share shall be paid by HIVE to the Vendor at the later of: (i) May 29, 2024; and (ii) the date on which any claims made by HIVE prior to May 29, 2024, relating to a breach of warranty under the Property Transfer Agreement have been finally settled. In the event of any such claims, the settled value of such claim shall be deducted from the second payment. The Vendor, its insiders, associates, and affiliates acted at arm’s length to the Company.
Completion of the Acquisition is subject to certain conditions and the receipt of all necessary regulatory approvals including the approval of the TSXV. All securities issued pursuant to the Property Transfer Agreement shall be subject to a statutory hold period of four months and one day from the date of issuance.
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. went public in 2017 as the first cryptocurrency mining company listed for trading on the TSX Venture Exchange with a sustainable green energy focus.
HIVE is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we endeavour to source green energy to mine digital assets such as Bitcoin on the cloud. Since the beginning of 2021, HIVE has held in secure storage the majority of its treasury of ETH and BTC derived from mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of Bitcoin. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.
We encourage you to visit HIVE’s YouTube channel here to learn more about HIVE.
For more information and to register to HIVE’s mailing list, please visit www.HIVEdigitaltechnologies.com. Follow @HIVEDigitalTech on Twitter and subscribe to HIVE’s YouTube channel.
On Behalf of HIVE Digital Technologies Ltd.
“Frank Holmes”
Executive Chairman
For further information please contact:
Frank Holmes
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release
Forward-Looking Information
Except for the statements of historical fact, this news release contains “forward-looking information” within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. “Forward‑looking information” in this news release includes but is not limited to: business goals and objectives of the Company; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward looking information include, but are not limited to, the volatility of the digital currency market; the Company’s ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company’s operations; the Company’s ability to compete successfully with other cloud computing service providers; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, the transaction described in this news release may not occur on the terms as proposed and described herein or at all and, if such transaction is completed, the cryptocurrency operation may not meet expected performance levels for one or more reasons; the proposed transaction may not have a positive impact on HIVE’s revenues, or gross mining margin; the impact of new electrical power rates which could impair profitability and operating performance; the operation of the acquired assets may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; the volatility of digital currency prices; the Company may never realize more efficient operations, a lower cost structure, or greater flexibility in operation; as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company’s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company’s profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company’s disclosure documents under the Company’s filings at www.sec.gov/EDGAR and www.sedarplus.ca.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company’s ability to realize operational efficiencies going forward into profitability; profitable use of the Company’s assets going forward; the Company’s ability to profitably liquidate its digital currency inventory as required; historical prices of digital currencies and the ability of the Company to mine digital currencies will be consistent with historical prices; and there will be no regulation or law that will prevent the Company from operating its business. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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Descripción general resumida:
HIVE produjo 276,3 Bitcoin en el mes de noviembre, a partir de operaciones mineras de ASIC y GPU, lo que representa un promedio de 66,7 Bitcoin por Exahash;
HIVE produjo un promedio de 9,2 BTC por día en noviembre de 2023;
HIVE finalizó el mes con 4,18 EH/s de capacidad minera, incluido el hashrate ASIC y GPU BTC, un aumento mes a mes del 5,4 % a medida que continuamos aumentando nuestros planes de eficiencia y crecimiento;
HIVE tuvo un hashrate promedio mensual en noviembre de 4,14 EH/s, lo que representa un aumento del 5,2 % con respecto a octubre, que fue de 3,94 EH/s.
La posición HODL de la Compañía a finales de noviembre de 2023 era de 1.627 BTC. Nuestra posición HODL ha disminuido respecto al último trimestre porque HIVE ha estado invirtiendo en nuevos chips ASIC para nuestro crecimiento y eficiencia futuros.
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HIVE DIGITAL AUMENTA LA POSICIÓN DE HODL Y OFRECE ACTUALIZACIÓN CORPORATIVA Y DE PRODUCCIÓN DE DICIEMBRE DE 2023
Este comunicado de prensa constituye un “comunicado de prensa designado” a los efectos del suplemento del prospecto modificado y reexpresado de la Compañía con fecha del 17 de agosto de 2023 a su prospecto base de formato breve con fecha del 1 de mayo de 2023.
Vancouver, Canadá – HIVE Digital Technologies Ltd. (TSX.V: HIVE) (Nasdaq: HIVE) (FSE: YO0.F) (la “Compañía” o “HIVE”) se complace en anunciar las cifras de producción no auditadas de la empresa global. Operaciones de Bitcoin para el mes de diciembre de 2023, con 282,8 Bitcoin producidos. La Compañía ha mantenido más de 3,95 Exahash (“EH/s”) de capacidad minera de Bitcoin en promedio para diciembre de 2023, incluido el hashrate ASIC y GPU BTC (todos los montos en dólares estadounidenses, a menos que se indique lo contrario).
Descripción general resumida:
HIVE produjo 282,8 Bitcoin en el mes de diciembre de 2023, a partir de operaciones mineras de ASIC y GPU, lo que representa un promedio de 71,6 Bitcoin por Exahash, con un hashrate promedio de 3,95 EH/s para el mes de diciembre;
HIVE produjo un promedio de 9,1 BTC por día en diciembre, lo que equivale aproximadamente al 1% de la red global;
HIVE finalizó el mes de diciembre con 4,08 EH/s de capacidad minera, incluido el hashrate ASIC y GPU BTC, en consonancia con el mes anterior.
La posición HODL de la empresa a finales de diciembre de 2023 era de 1.707 BTC, 80 BTC más que el mes anterior.
Nombramiento de COO y CIO
HIVE se complace en anunciar el nombramiento de Luke Rossy como director de operaciones (“COO”) y de Mario Sergi como director de información (“CIO”).
Frank Holmes, presidente ejecutivo de HIVE, dijo: “Luke Rossy ha estado en HIVE desde que adquirimos nuestro centro de datos de GPU One en New Brunswick hace casi 3 años y estamos orgullosos de promoverlo como nuestro director de operaciones. En este tiempo, ha demostrado una sólida ética de trabajo, curiosidad por aprender con un pensamiento crítico mejorado y una iniciativa para aprender y afrontar nuevos desafíos. Luke ha asumido funciones de liderazgo para gestionar y respaldar a nuestro equipo global y las operaciones mineras de ASIC”. Aydin Kilic, presidente y director ejecutivo de HIVE, dijo: “He trabajado muy de cerca con Luke durante este tiempo, donde nuestro objetivo ha sido que HIVE lidere como el minero de Bitcoin más eficiente. Proveniente de una sólida base de implementaciones de código en aplicaciones novedosas en algoritmos de prueba de trabajo, además, Luke ha representado a HIVE a nivel mundial en conferencias de la industria de Bitcoin y ha desarrollado un dominio de los sistemas y análisis de minería de Bitcoin”.
"Mario Sergi, que se unió a HIVE en agosto de 2021, aporta una gran experiencia a HIVE también en su función actual como Gerente de Operaciones e Infraestructura", agregó Kilic. “Desde que se unió a HIVE, ha ampliado enormemente sus horizontes, implementando nuevos sistemas y arquitecturas de red para reforzar las operaciones comerciales de GPU de la empresa desde los centros de datos de nivel 3, sentando las bases para nuestra infraestructura de IA. Mario ha sido diligente, ingenioso y ha demostrado la disciplina y habilidad táctica para supervisar los sistemas de información de la Compañía a nivel global”.
Cifras de producción de diciembre de 2023
La producción total de Bitcoin de la Compañía en diciembre de 2023 fue:
273,5 BTC producidos a partir de ASIC con una tasa de hash promedio de 3,82 EH/s de ASIC en diciembre;
8,8 BTC producidos por día en promedio a partir de ASIC y 71,6 BTC/EH a partir de ASIC en diciembre;
4,08 EH/s de hashrate de fin de mes de BTC al 31 de diciembre, compuesto por 4,05 EH/s de hashrate de ASIC BTC y 0,03 EH/s de hashrate de GPU BTC;
Tasa de hash BTC ASIC constante mes tras mes (el fin de mes del 30 de noviembre fue de 4,03 EH/s);
Promedio mensual de 3.95 EH/s, compuesto por un promedio de 3.82 EH/s de capacidad de minado ASIC y un promedio de 130 PH/s de capacidad de minado Bitcoin GPU durante el mes de diciembre;
Esta es una disminución mes a mes del 4,6% en el hashrate promedio de BTC de ASIC y GPU combinados (el hashrate promedio de BTC en noviembre fue de 4,14 EH/s).
Actualización de las instalaciones de New Brunswick
La instalación de New Brunswick está funcionando actualmente a 1,8 EH/s, mientras que la subestación se encuentra en mantenimiento final. El potencial total de la instalación, que se espera que reanude sus operaciones en enero de 2024, debería volver a 2 EH/s. La Compañía señala que antes del mantenimiento, el hashrate global total operativo máximo era de 4,3 EH/s.
La dificultad de minería de la red global de Bitcoin es volátil
Los factores de dificultad de la red siguen siendo una variable importante que contribuye a los márgenes de beneficio bruto de la Compañía. La dificultad de la red Bitcoin era de 68 T el 1 de diciembre y aumentó a un máximo histórico de 72 T el 31 de diciembre. En consecuencia, la dificultad de la minería de Bitcoin terminó el mes de diciembre aproximadamente un 6% más que a principios del mes.
La dificultad de la red Bitcoin es una estadística disponible públicamente, que refleja el número total de mineros de Bitcoin en línea. Esta es una métrica importante para analizar los márgenes de beneficio bruto de una empresa, junto con la cantidad de Bitcoin producidos. Estos datos están disponibles públicamente en muchos sitios web, incluido Blockchain.com.
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This news release constitutes a “designated news release” for the purposes of the Company's amended and restated prospectus supplement dated August 17, 2023, to its short form base shelf prospectus dated May 1, 2023.
Summary Overview:
- HIVE produced 282.8 Bitcoin in the month of December 2023, from ASIC and GPU mining operations, representing an average of 71.6 Bitcoin Per Exahash, with an average hashrate of 3.95 EH/s for the month of December;
- HIVE produced an average of 9.1 BTC per day in December, which amounts to approximately 1% of the global network;
- HIVE ended the month of December with 4.08 EH/s of mining capacity, including ASIC and GPU BTC hashrate, consistent with the prior month.
Appointment of COO and CIO
HIVE is pleased to announce the appointment of Luke Rossy to Chief Operating Officer (“COO”) and Mario Sergi to Chief Information Officer (“CIO”).
Frank Holmes the Executive Chairman of HIVE said, “Luke Rossy has been with HIVE since we acquired our New Brunswick data center from GPU One almost 3 years ago and we are proud to promote him as our Chief Operating Officer. 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.” Aydin Kilic, HIVE’s President and CEO said “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. 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,” Mr. Kilic added. “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 centers, 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.”
December 2023 Production Figures
- 273.5 BTC produced from ASICs from an average hashrate of 3.82 EH/s from ASICs in December;
- 8.8 BTC produced per day on average from ASICs, and 71.6 BTC/EH from ASICs in December;
- 4.08 EH/s of BTC month-end hashrate as of December 31, comprised of 4.05 EH/s of ASIC BTC hashrate and 0.03 EH/s of GPU BTC hashrate;
- Consistent month-over-month end BTC ASIC hashrate (November 30 month-end was 4.03 EH/s);
- Monthly average of 3.95 EH/s, comprised of an average of 3.82 EH/s of ASIC mining capacity and an average of 130 PH/s of Bitcoin GPU mining capacity during the month of December;
- This is a 4.6% month-over-month decrease in BTC average hashrate from ASICs and GPUs combined (November average BTC hashrate was 4.14 EH/s).
The New Brunswick facility is currently operating at 1.8 EH/s, while the substation is undergoing final maintenance. The full potential for the facility, which is expected to resume operations in January 2024, should return to 2 EH/s. The Company notes that prior to maintenance, the peak operating total global hashrate was 4.3 EH/s.
Bitcoin Global Network Mining Difficulty Is Volatile
The Bitcoin network difficulty is a publicly available statistic, which reflects the total number of Bitcoin miners online. This is an important metric in analyzing a company’s gross profit margins, along with the number of Bitcoin produced. This data is publicly available on many websites, including Blockchain.com.
As more Bitcoin is mined (difficulty increases), the daily Bitcoin block reward (which presently is fixed at 900 Bitcoin per day), gets split amongst more miners; thus, each miner receives a smaller portion of the block reward. Conversely, as Bitcoin prices fall, many miners may lose money and power down, thus taking their hashrate off the network, causing network difficulty to decrease.
Those miners with the lowest costs of production, by virtue of having more efficient machines and/or lower energy costs, are able to continue production during these volatile cycles. Not all miners will continuously mine during the month. As a result, some miners will produce less Bitcoin than expected, relative to their advertised hashrate. For the foregoing reasons, HIVE will self-curtail part of its operations if the unhedged spot energy prices are uneconomical, thereby leaving part of its total gross hashrate unutilized.
All Bitcoin miners are striving to use the most efficient Bitcoin ASIC chips, and HIVE is happy that it has been able to upgrade its global fleet during this crypto market downturn.
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HIVE Digital proporciona una actualización de producción de enero de 2024 que aumenta el HODL de Bitcoin en un 14%
Este comunicado de prensa constituye un “comunicado de prensa designado” a los efectos del suplemento del prospecto modificado y reexpresado de la Compañía con fecha del 17 de agosto de 2023 a su prospecto base de formato breve con fecha del 1 de mayo de 2023.
Vancouver, Canadá – HIVE Digital Technologies Ltd. (TSX.V: HIVE) (Nasdaq: HIVE) (FSE: YO0.F) (la “Compañía” o “HIVE”) se complace en anunciar las cifras de producción no auditadas de la empresa global. Operaciones de Bitcoin para el mes de enero de 2024, con 234,6 Bitcoin producidos en enero. La Compañía ha mantenido más de 3,88 Exahash (“EH/s”) de capacidad minera de Bitcoin en promedio para enero de 2024, incluido el hashrate ASIC y GPU BTC (todos los montos en dólares estadounidenses, a menos que se indique lo contrario).
Descripción general resumida:
HIVE produjo 234,6 Bitcoin en el mes de enero, a partir de operaciones mineras de ASIC y GPU, lo que representa un promedio de 60,5 Bitcoin por Exahash, con un hashrate promedio de 3,88 EH/s para el mes de enero de 2024;
HIVE produjo un promedio de 7,6 BTC por día en enero de 2024;
HIVE terminó el mes con 3,85 EH/s de capacidad minera, incluido el hashrate ASIC y GPU BTC, una disminución mes a mes del 5,6%.
La posición HODL de la compañía a finales de enero de 2024 era de 1.939 BTC, 234,6 BTC más que el mes anterior, lo que representa un aumento del 14%. Todo el BTC producido fue HODL durante el mes.
Clima frío en el Ártico
HIVE extrae Bitcoin y obtiene energía renovable geotérmica e hidroeléctrica en Suecia, Islandia y Canadá. Han sido unos días de conservación del consumo eléctrico debido al frío. El sistema de software de la Compañía para equilibrar la red ha funcionado sin problemas y HIVE espera, según los patrones climáticos estacionales, un clima más templado en marzo.
El clima frío en el norte de Suecia, donde las instalaciones de la Compañía están a 100 millas al sur del Círculo Polar Ártico, alcanzó los 40 grados Celsius negativos. Afortunadamente, este patrón estacional parece haber quedado atrás. Además, HIVE cubre su coste de energía en Suecia.
Estrategia de reducción a la mitad de Bitcoin
Frank Holmes, presidente ejecutivo de la compañía, declaró: “Hemos actualizado nuestra flota de ASIC para mejorar la eficiencia de nuestra flota global y reducir nuestro costo de producción promedio por Bitcoin. Además de esto, hemos estado haciendo HODL en nuestras reservas de Bitcoin antes del Halving. Con el evento Halving en abril de 2024, la recompensa global diaria en bloque de Bitcoin se reducirá de 900 Bitcoin por día a 450 Bitcoin por día. Esto subraya la escasez de Bitcoin y, por lo tanto, creemos que aumentar nuestro HODL pondrá a HIVE en una posición sólida”.
Actualización de Bitcoin ASIC con S21
Aydin Kilic, presidente y director ejecutivo de HIVE, declaró: “Estamos encantados de anunciar que hemos recibido e instalado nuestro lote de enero de Bitmain S21 Antminers, las máquinas más recientes y eficientes del mercado. Cada uno de estos mineros tiene 200 TH/s y una eficiencia de 17,5 J/TH. Para poner esto en perspectiva, esto significa que con la dificultad actual de la red Bitcoin de 75,5 T, estas máquinas pueden producir un Bitcoin a un costo de aproximadamente $10,000, suponiendo un precio de energía de $0,04 por KWHR. HIVE ha comprado 7000 de estas máquinas, que en total proporcionarán 1,4 EH/s de capacidad minera de alta eficiencia a nuestra flota. Además, observamos que nuestro lote de febrero se enviará antes del Año Nuevo chino y anticipamos recibirlos e instalarlos antes de fin de mes de febrero”.
Cifras de producción de enero de 2024
La producción total de Bitcoin de la Compañía en enero de 2024 fue:
234,5 BTC producidos a partir de ASIC con una tasa de hash promedio de 3,88 EH/s de ASIC en enero;
7,6 BTC producidos por día en promedio a partir de ASIC y 60,5 BTC/EH a partir de ASIC en enero;
3,85 EH/s de hashrate de fin de mes de BTC al 31 de enero, compuesto por 3,85 EH/s de hashrate de ASIC BTC y cero EH/s de hashrate de GPU BTC;
Esto representa una disminución del 4,8% mes a mes en el hashrate BTC ASIC (el final del mes del 31 de diciembre fue de 4,05 EH/s);
Promedio mensual de 3.88 EH/s, compuesto por un promedio de 3.88 EH/s de capacidad minera de ASIC y un promedio de cero PH/s de capacidad minera de Bitcoin GPU durante el mes de enero;
Esta es una disminución mes a mes del 1,8% en el hashrate promedio de BTC de ASIC y GPU combinados (el hashrate promedio de BTC en diciembre fue de 3,95 EH/s).
La dificultad de minería de la red global de Bitcoin es volátil
Los factores de dificultad de la red son una variable importante en los márgenes de beneficio bruto de la Compañía. La dificultad de la red Bitcoin era de 72,0 T el 1 de enero y disminuyó a 70,3 T el 31 de enero. En consecuencia, la dificultad de la minería de Bitcoin terminó el mes aproximadamente un 2 % menos que a principios de mes.
La dificultad de la red Bitcoin es una estadística disponible públicamente, que refleja el número total de mineros de Bitcoin en línea. Esta es una métrica importante para analizar los márgenes de beneficio bruto de una empresa, junto con la cantidad de Bitcoin producidos. Estos datos están disponibles públicamente en muchos sitios web, incluido www.Blockchain.com.
A medida que se extrae más Bitcoin (la dificultad aumenta), la recompensa diaria del bloque de Bitcoin (que pres
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HIVE achieved revenue of $30.1 million this quarter by mining 830 Bitcoin with a 38% Gross Operating Margin representing $11.3 million of income from digital currency mining operations. This also represents a 146% increase in Gross Operating Margin from the previous quarter of $4.6 million. This quarter, Bitcoin mining economics were stronger due to the rally in Bitcoin, possibly as a result of the news surrounding the Bitcoin ETFs in the United States and subsequent SEC approval on January 10, 2024. Additionally, the Company realized $0.9 million of revenue this quarter from the GPU powered High Performance Computing (“HPC”) business unit, where the Company’s GPUs are utilized for AI computations, including inference and fine-tuning of large language models (LLMs).
The Company notes that HIVE’s production of 830 Bitcoin this quarter represents an increase of 5% year-over-year, having mined 787 Bitcoin in the same period last year. This is a result of increasing HIVE’s global hashrate to over 4 Exahash per second (“EH/s”), while there was an increase in Bitcoin mining network difficulty of approximately 82%, which suggests more miners are competing with more efficient equipment than in the past for the same daily opportunity of 900 Bitcoin. Accordingly, earning 9 Bitcoin per day equates to having 1% of the hashrate of the entire Bitcoin mining network. On average this quarter HIVE mined 9.0 Bitcoin per day. HIVE had an average operating hashrate of 4.01 EH/s for this quarter, representing a 10% increase over the average hashrate from the previous quarter of 3.66 EH/s.
“At this stage in the four-year Halving cycle which is embedded in the bitcoin algorithm to slow the supply and eventually cap the total supply at 21 million Bitcoin, we are focused on being prepared for the upcoming Halving in April 2024 while building our HPC AI revenue strategy with our Nvidia chips. We have experienced the last Halving and know it is key to have additional sources of revenue growth and a very strong balance sheet with a current HODL position of over 2,000 Bitcoin,” says Frank Holmes, HIVE’s Executive Chairman.
Aydin Kilic, President & CEO of HIVE, added, “This was a very strong quarter for HIVE, as we were well positioned with our global operations, earning approximately 9 Bitcoin per day, and exceeding the growth of the Bitcoin mining network hashrate in the process. We mined 830 Bitcoin this quarter, a 2.5% increase over the previous quarter of 810 Bitcoin. This is a commendable feat considering Bitcoin mining difficulty increased by 26% this quarter, ending with a then all-time high of 72 trillion as at December 31, 2024. Also, I am pleased with our growing GPU powered AI business unit realizing over $5 million of revenues on an annualized run rate basis as of December 31, 2023, effectively representing 5x growth during the 2023 calendar year. Our team has done a phenomenal job learning and advancing our position in the HPC and AI industry, being aligned with technology leaders such as Nvidia and Dell. We are currently using our GPUs to allow our contest winner to perform research on advanced LLMs, at the vanguard of AI advancement.”
HIVE’s average cost of production per Bitcoin was $22,607 (including cost of goods sold, not including SG&A) for the quarter ending December 31, 2023, a 2.37% increase in cost from the previous quarter ending September 30, 2023. The Company notes that with Bitcoin mining hashrates and difficulty at all-time highs, it is expected that the cost of production for Bitcoin will increase for the industry at large, as less Bitcoin per Terahash is being rewarded at these difficulty levels. The cost of production per Bitcoin is driven primarily by the cost of electricity to mine, and also the efficiency, in Joules per TeraHash (“J/TH”) of the ASIC miners. HIVE has made strides to lower its cost of Bitcoin production with a substantive fleet upgrade of ASICs. Our target global fleet efficiency is 25 J/TH once all of our Bitmain S21 Antminers are delivered and installed, as the Company previously announced the purchase of 1.4 EH/s of machines, being delivered from January through June 2024. We remain focused on acquiring new ASIC machines in an opportunistic way from cash flow and managing our balance sheet. We are busy preparing for the Halving as we did in 2020.
Notably, the average hashprice for the Bitcoin mining network (a measure of the USD daily revenue earned per operating Petahash of Bitcoin hashrate online) was $81/PH per day for the period end December 31, 2023. The average hashprice for the Bitcoin mining network for the previous quarter end September 30, 2023, was $68/PH per day. Therefore, the average Bitcoin mining network hashprice was 20% higher on a quarter over quarter basis. What this means is, for all Bitcoin miners, they would earn on average 20% more revenue for the same quantity of hashrate online for the period end December 31, 2023, compared on a quarter over quarter basis to the period end September 30, 2023.
Q3 Quarterly Summary- December 31, 2023
- Generated digital currency mining revenue of $30.1 million, with a gross operating margin[1] of $11.3 million
- Mined 830 Bitcoin during the three-month period ended December 31, 2023
- Adjusted EBITDA1 income of $17.3 million for the three-month period
- Working capital increased by $36.4 million during the three-month period ended December 31, 2023
- Digital currency assets of $71.9 million, as at December 31, 2023
- Average cost of production per Bitcoin was $22,607, where the average Bitcoin price was $36,119, during the three-month period ended December 31, 2023. This also represents a 2.37% increase in production costs of Bitcoin from the previous quarter of $22,084 for the three months ended September 30, 2023 (average price of Bitcoin was $28,045 during this period)
- Net loss from continuing operations of $6.95 million for the three-month period, due greatly to the accelerated depreciation of ASIC equipment, and a provision on sales tax receivables.
For the three months ended December 31, 2023, revenue was $31.3 million, an increase of approximately 118% from the prior comparative period primarily due to the increase in Bitcoin price, and $1.1 million of revenue from our HPC business segment.
Gross operating margin1 during the three-month period was $11.3 million, or 36% of revenues, compared to $3.6 million, or 25% of revenues, in the same period in the prior year. The Company’s gross operating margin1 is partially dependent on external network factors including mining difficulty, the amount of digital currency rewards and fees it receives for mining, as well as the market price of digital currencies.
The Company notes that, adjusted EBITDA1 this quarter was $17.3 million, because of higher operating costs and a provision on sales tax receivables, net loss from continuing operations during the quarter ended December 31, 2023, was $6.95 million, or a loss of $0.08 per share, compared to a net loss of $93.5 million, or a loss of $1.13 per share, in the same period last year. The improvement from the prior comparative period was driven primarily by lower non-cash charges such as depreciation, unrealized valuation losses on digital currencies and investments, and impairment charges on equipment. Adjusted EBITDA is a non-IFRS financial measurement and should be read in conjunction with and should not be viewed as an alternative to or replacement of measures of operating results and liquidity presented in accordance with IFRS.
Mr. Holmes noted, “At HIVE we strive to maintain a high-performance culture, which means that we always adapt to unexpected headwinds, and maintain operational excellence in the process.”
EBITDA and Adjusted EBITDA
The Company uses EBITDA and Adjusted EBITDA as a metric that is useful for assessing its operating performance on a cash basis before the impact of non-cash items and acquisition related activities.
EBITDA is net income or loss from operations, as reported in profit and loss, before finance income and expense, tax and depreciation and amortization.
Adjusted EBITDA is EBITDA adjusted for removing other non-cash items, including share-based compensation, non-cash effect of the revaluation of digital currencies and one-time transactions.
The Company emphasizes that “Adjusted EBITDA” is not a GAAP or IFRS measurement and is included only for comparative purposes.
A non-cash charge is a write-down or accounting expense that does not involve a cash payment. Depreciation, amortization, depletion, stock-based compensation, and asset impairments are common non-cash charges that reduce earnings but not cash flows.
Financial Statements and MD&A
The Company’s Consolidated Financial Statements and Management’s Discussion and Analysis (MD&A) thereon for the three and nine months ended December 31, 2023 will be accessible on SEDAR+ at www.sedarplus.ca under HIVE’s profile and on the Company’s website at www.HIVEdigitaltechnologies.com.
At-the-Market Offering
For the period ended December 31, 2023, the Company issued 1,374,700 common shares (the “May 2023 ATM Shares”) pursuant to the May 2023 ATM Equity Program for gross proceeds of C$9.0 million ($6.8 million). The May 2023 ATM Shares were sold at prevailing market prices, for an average price per May 2023 ATM Share of C$6.55. Pursuant to the May 2023 Equity Distribution Agreement, a cash commission of $0.2 million on the aggregate gross proceeds raised was paid to the agent in connection with its services under the May 2023 Equity Distribution Agreement. In addition, the Company incurred $162 in fees related to its May 2023 ATM Equity Program.
On August 17, 2023, the Company entered into an equity distribution agreement (“August 2023 Equity Distribution Agreement”) with Stifel GMP and Canaccord Genuity Corp. Under the August 2023 Equity Distribution Agreement, the Company may, from time to time, sell up to $90 million of common shares in the capital of the Company (the “August 2023 ATM Equity Program”).
For the period ended December 31, 2023, the Company issued 6,175,140 common shares (the “August 2023 ATM Shares”) pursuant to the August 2023 ATM Equity Program for gross proceeds of C$32.9 million ($24.4 million). The August 2023 ATM Shares were sold at prevailing market prices, for an average price per August 2023 ATM Share of C$5.33. Pursuant to the August 2023 Equity Distribution Agreement, a cash commission of $0.7 million on the aggregate gross proceeds raised was paid to the agent in connection with its services under the August 2023 Equity Distribution Agreement. In addition, the Company incurred $246 in fees related to its August 2023 ATM Equity Program.
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. went public in 2017 as the first cryptocurrency mining company listed for trading on the TSX Venture Exchange with a sustainable green energy focus.
HIVE is a growth-oriented technology stock in the emergent blockchain and high-performance computing industry. As a company whose shares trade on major stock exchanges, we are building a bridge between the digital currency and blockchain sectors and traditional capital markets. HIVE owns green energy-powered data center facilities in Canada, Sweden, and Iceland, where we endeavour to source geothermal and hydroelectric energy to mine digital assets such as Bitcoin on the cloud. Since the beginning of 2021, HIVE has held in secure storage the majority of its treasury of BTC derived from mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of Bitcoin. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency and high-performance computing space.
We encourage you to visit HIVE’s YouTube channel here to learn more about HIVE.
For more information and to register to HIVE’s mailing list, please visit https://hivedigitaltechnologies.com/ . Follow @HIVEDigitalTech on X and subscribe to HIVE’s YouTube channel.
On Behalf of HIVE Digital Technologies Ltd.
“Frank Holmes”
Executive Chairman
For further information please contact:
Frank Holmes
info@hivedigitaltech.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Except for the statements of historical fact, this news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. “Forward-looking information” in this news release includes information about: business goals and objectives of the Company; the results of operations for the three months ended December 31, 2023; the HODL strategy adopted by the Company; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; the Company’s program to build a high-performance computing business offering cloud computing services; the Company’s operations and sustainable future profitability; potential further improvements to the profitability and efficiency across mining operations by optimizing cryptocurrency mining output, continuing to lower direct mining operations cost structure, and maximizing existing electrical and infrastructure capacity including with new mining equipment in existing facilities; continued adoption of Bitcoin globally; the potential for the Company’s long term growth; the business goals and objectives of the Company, and other forward-looking information includes but is not limited to information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward looking information include, but are not limited to, the volatility of the digital currency market; the Company’s ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company’s operations; the Company’s ability to compete successfully with other cloud computing service providers; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, including the Company’s ability to utilize the Company’s at-the-market equity offering program (the “ATM Program”) and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company’s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company’s profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company’s disclosure documents under the Company’s filings at www.sec.gov/EDGAR and www.sedarplus.ca.
This news release also contains “financial outlook” in the form of gross operating margins, which is intended to provide additional information only and may not be an appropriate or accurate prediction of future performance and should not be used as such. The gross operating margins disclosed in this news release are based on the assumptions disclosed in this news release and the Company’s Management Discussion and Analysis for the fiscal year ended March 31, 2023, which assumptions are based upon management’s best estimates but are inherently speculative and there is no guarantee that such assumptions and estimates will prove to be correct.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company’s ability to realize operational efficiencies going forward into profitability; profitable use of the Company’s assets going forward; the Company’s ability to profitably liquidate its digital currency inventory as required; historical prices of digital currencies and the ability of the Company to mine digital currencies will be consistent with historical prices; and there will be no regulation or law that will prevent the Company from operating its business. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. The Company disclaims any intention
or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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We’re excited to announce that HIVE Digital Technologies Ltd. (“HIVE”) has completed another fiscal quarter, and we remain deeply committed to maintaining transparency with our loyal shareholders. To ensure you have direct and convenient access to our latest financial achievements, we’re inviting you to view our financial results for the quarter ended December 31, 2023.
GET THE RESULTS HERE.
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This news release constitutes a “designated news release” for the purposes of the Company's amended and restated prospectus supplement dated August 17, 2023, to its short form base shelf prospectus dated May 1, 2023.
HIVE is continuing its strategic preparation for the Bitcoin Halving event, expected to occur in late April 2024. Rather than expanding our footprint at this time, we are upgrading our fleet with the most efficient machines available, which in turn will lower our average costs to produce a Bitcoin.
By upgrading our existing ASICs in our inventory to the S21, we will increase our target Exahash from 5.3 EH/s at 24.7 J/TH by the end of June 2024 to 5.5 EH/s by running only our most efficient machines in our 140 MW of operating infrastructure globally. HIVE believes it is important to stay lean during the Halving, as having low fixed costs, and an inventory of highly efficient ASIC we can run at variable load to minimize variable costs, will allow the Company agility, thus putting HIVE in a strong position to navigate the rest of 2024.
In addition, we continue to HODL 100% of the Bitcoin we are mining. With the Halving, the Bitcoin block reward will drop from 900 Bitcoin per day, to 450 Bitcoin per day. With this pre-determined scarcity in the Bitcoin ecosystem, along with the strong US Bitcoin ETF inflows, HIVE believes it is prudent to hold a treasury of Bitcoin on our balance sheet.
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. went public in 2017 as the first cryptocurrency mining company listed for trading on the TSX Venture Exchange with a sustainable green energy focus.
HIVE is a growth-oriented technology stock in the emergent blockchain and high-performance computing industry. As a company whose shares trade on major stock exchanges, we are building a bridge between the digital currency and blockchain sectors and traditional capital markets. HIVE owns green energy-powered data center facilities in Canada, Sweden, and Iceland, where we endeavour to source geothermal and hydroelectric energy to mine digital assets such as Bitcoin on the cloud. Since the beginning of 2021, HIVE has held in secure storage the majority of its treasury of BTC derived from mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of Bitcoin. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency and high-performance computing space.
We encourage you to visit HIVE’s YouTube channel here to learn more about HIVE.
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HIVE Digital Technologies encabeza el TSX Venture 50 de 2024 en tecnología, líder en infraestructura de cadena de bloques e inteligencia artificial
Este comunicado de prensa constituye un “comunicado de prensa designado” a los efectos del suplemento del prospecto modificado y reexpresado de la Compañía con fecha del 17 de agosto de 2023 a su prospecto base de formato breve con fecha del 1 de mayo de 2023.
Vancouver, Canadá - HIVE Digital Technologies Ltd. (TSX.V: HIVE) (Nasdaq: HIVE) (FSE: YO0.F) (la “Compañía” o “HIVE”), líder mundial en tecnología blockchain e IA centrada en energía verde infraestructura, anunció hoy que ocupó el puesto número uno en la categoría de tecnología en la lista TSX Venture 50 de 2024. La lista TSX Venture 50, una clasificación de las empresas con mejor desempeño en TSX Venture Exchange durante el último año, está compuesta por 50 empresas de cinco sectores industriales diferentes, seleccionadas en función de tres criterios igualmente ponderados (todos los montos en dólares estadounidenses, a menos que se indique lo contrario). .
HIVE fue la primera empresa minera de criptomonedas que salió a bolsa en TSX Venture Exchange en 2017. Con sus centros de datos ubicados en Canadá, Suecia e Islandia, HIVE se compromete a utilizar energía renovable de bajo costo para extraer activos digitales como Bitcoin en la nube. . Al combinar su experiencia en la gestión de centros de datos basados en GPU de alta densidad, HIVE está impulsando el avance de la inteligencia artificial (IA) y la informática de alto rendimiento (HPC).
Examinada cuidadosamente según una variedad de criterios igualmente ponderados, la lista TSX Venture 50 representa las empresas que cotizan en bolsa más poderosas y de mayor rendimiento. HIVE se complace en informar un cierre exitoso del calendario 2023 y un comienzo prometedor del nuevo año. Esto se destaca en la producción total de 3260 Bitcoin extraídos y en el aumento de la tasa de hash en un 100 % en el año calendario 2023, de 2 Exahash por segundo (“EH/s”) a finales de diciembre de 2022 a 4 EH/s a finales de diciembre. 2023. Además, la creciente unidad de negocios de IA impulsada por GPU de la compañía obtuvo más de $5 millones de dólares en ingresos sobre una tasa de ejecución anualizada, al 31 de diciembre de 2023, lo que representa efectivamente un crecimiento 5 veces mayor durante el año calendario 2023.
“Nos sentimos honrados de ser reconocidos entre los líderes clave de la industria en la lista TSX Venture 50. Esta es la segunda vez que HIVE ha obtenido un rendimiento superior en TSX.V. En el año 2020, antes de cotizar en Nasdaq y durante el año del último evento de reducción a la mitad, la compañía era la acción más líquida en TSX.V, negociando más de 1.700 millones de acciones”, añade Frank Holmes, presidente ejecutivo de HIVE Digital Technologies. , que tiene 40 años de experiencia en mercados de capitales.
“HIVE fue pionero en el espacio de los activos digitales y se convirtió en el primer minero de criptomonedas que salió a bolsa en 2017. Siete años después del lanzamiento de HIVE, se aprobaron los primeros ETF de Bitcoin al contado, lo que significa que asumimos el riesgo desde el principio y valió la pena. Estoy extremadamente orgulloso de nuestro equipo que ha trabajado tan duro para llevarnos a donde estamos hoy. También queremos agradecer a nuestros leales accionistas por creer en nuestra visión. Esperamos con ansias todas las oportunidades que se avecinan, particularmente en el desarrollo de nuestro negocio de IA”.
“2024 ha tenido un comienzo emocionante para HIVE Digital Technologies. Más allá del desempeño y las ganancias de las acciones en 2023, lo realmente emocionante son las investigaciones y los avances que hemos logrado al trabajar con líderes tecnológicos de toda la industria. Nuestro equipo ha logrado avances en la intersección de la infraestructura HPC, la IA y el rendimiento LLM en nuestras flotas de GPU. Hemos puesto los ladrillos para escalar lo que, creemos, será un negocio masivo de IA”, comparte Aydin Kilic, director ejecutivo y presidente de HIVE Digital Technologies. “El reconocimiento de HIVE por parte de TSX Venture es solo el comienzo de las cosas que deseamos lograr en 2024 y es un testimonio de nuestro dedicado equipo. Estoy emocionado de ver qué sigue para nosotros”.
En 2023, la Compañía cambió su nombre, cambiando estratégicamente su nombre de HIVE Blockchain Technologies a HIVE Digital Technologies. El cambio señala una expansión estratégica significativa para aprovechar el potencial de sus centros de datos de energía verde y la tecnología de computación en la nube GPU, una herramienta vital en el mundo de la inteligencia artificial, el aprendizaje automático y el análisis de datos avanzado desde el lanzamiento de ChatGPT. La ubicación de HIVE en la lista TSX Venture 50 afirma aún más su cambio de marca estratégico como un movimiento reflexivo y con un propósito determinado.
HIVE está encantado de ocupar el puesto número uno en la categoría de Tecnología en el TSX Venture 50 de 2024 y de seguir a la vanguardia impulsando el cambio y la innovación dentro del dinámico mundo de las criptomonedas y la infraestructura de IA. El equipo se dedica a explorar nuevas posibilidades, fomentar el crecimiento y crear soluciones impactantes que den forma al futuro de las tecnologías descentralizadas y la IA.
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HIVE Digital anuncia la producción de Bitcoin y el crecimiento de HODL en febrero de 2024 a 2131 Bitcoins
Este comunicado de prensa constituye un “comunicado de prensa designado” a los efectos del suplemento del prospecto modificado y reexpresado de la Compañía con fecha del 17 de agosto de 2023 a su prospecto base de formato breve con fecha del 1 de mayo de 2023.
Vancouver, Canadá – HIVE Digital Technologies Ltd. (TSX.V: HIVE) (Nasdaq: HIVE) (FSE: YO0.F) (la “Compañía” o “HIVE”), pionera en infraestructura blockchain impulsada por energía verde, anuncia con orgullo sus cifras de producción no auditadas para febrero de 2024. La Compañía ha aumentado sus tenencias de Bitcoin en un 10% y su posición HODL a fin de mes era de 2,131 Bitcoin en su balance. La Compañía ha mantenido más de 4,06 Exahash (“EH/s”) de capacidad minera de Bitcoin en promedio para febrero de 2024.
Aspectos destacados de febrero de 2024:
Producción: HIVE extrajo con éxito 200 Bitcoin en febrero de 2024, utilizando sus operaciones de minería ASIC y GPU de última generación. Este logro representa un promedio impresionante de 60,5 Bitcoin por Exahash, con un hashrate promedio constante de 4,06 EH/s durante todo el mes.
Producción diaria: La Compañía promedió una producción de 6,9 BTC por día, lo que subraya su eficiencia operativa y sus sólidas capacidades mineras.
Aumento de la capacidad minera: HIVE concluyó febrero con una capacidad minera ASIC de 4,2 EH/s, lo que refleja un notable aumento del 9 % mes tras mes. La posición HODL de la Compañía a fines de febrero de 2024 era de 2131 BTC, lo que representó un aumento del 10% con respecto al mes anterior.
Aumento estratégico de HODL:
A partir del 4 de marzo de 2024, la posición HODL de HIVE aumentó aún más a 2159 Bitcoin, frente a 2131 BTC a finales de febrero de 2024.
Este aumento continuo se alinea con la estrategia de la Compañía de esforzarse por lograr HODL, anticipando una mayor demanda de Bitcoin debido a la adopción de Bitcoin como una clase de activo alternativa, como lo demuestran los impresionantes flujos de fondos en el reciente lanzamiento de ETF de Bitcoin. Creemos que a medida que nos acercamos al evento de reducción a la mitad en abril, la volatilidad a corto plazo seguirá siendo alta y los inversores deben ser conscientes de que HIVE, al igual que nuestros pares, suele estar correlacionado con Bitcoin, pero con una mayor amplitud en la volatilidad de los precios.
Perspectivas ejecutivas:
Frank Holmes, presidente ejecutivo, enfatizó la previsión estratégica de HIVE y afirmó: “Nuestra estrategia HODL es tener un balance general saludable similar al que tuvimos durante el último evento de reducción a la mitad en 2020.
Avances tecnológicos:
Aydin Kilic, presidente y director ejecutivo, destacó la estabilidad tecnológica de la compañía con la integración de Bitmain S21 Antminers en su flota minera. "Estas máquinas avanzadas no sólo refuerzan nuestra eficiencia minera, sino que también proporcionan una estabilidad sostenible al reducir significativamente el costo de producción de Bitcoin", señaló Kilic.
Excelencia operativa y perspectivas de futuro:
HIVE permanece a la vanguardia del sector de la tecnología blockchain, mejorando continuamente su eficiencia minera y expandiendo sus instalaciones de centros de datos impulsados por energía verde en Canadá, Suecia e Islandia. Con un gran enfoque en la estabilidad financiera, el crecimiento y la innovación, HIVE está bien posicionado para navegar la dinámica volátil del mercado criptográfico y al mismo tiempo garantizar un crecimiento y valor equilibrados para sus partes interesadas.
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HIVE Digital Announces Bitcoin Production and HODL Growth in March 2024 to 2,287 Bitcoins
This news release constitutes a “designated news release” for the purposes of the Company's amended and restated prospectus supplement dated August 17, 2023, to its short form base shelf prospectus dated May 1, 2023.
Vancouver, Canada – HIVE Digital Technologies Ltd. (TSX.V: HIVE) (Nasdaq: HIVE) (FSE: YO0.F) (the “Company” or “HIVE”) a pioneer in green energy-powered blockchain infrastructure, proudly announces its unaudited production figures for March 2024, with approximately $160 million of Bitcoin on the balance sheet. The Company has increased its Bitcoin holdings by 10% and its HODL position at month-end was 2,287 Bitcoin on the balance sheet. HIVE has maintained over 4.5 Exahash ("EH/s") of Bitcoin mining capacity, on average, for March 2024 (all amounts in US dollars, unless otherwise indicated).
March 2024 Highlights:
Production: HIVE successfully mined 224 Bitcoin in March 2024, utilizing its state-of-the-art ASIC and GPU mining operations. This achievement represents an impressive average of 49.7 Bitcoin per Exahash, with a consistent average hashrate of 4.5 EH/s throughout the month, and an 11% increase in monthly average hashrate.
Daily Production: HIVE averaged a production of 7.2 BTC per day, underscoring its operational efficiency and robust mining capabilities.
Mining Capacity Increase: HIVE concluded March with a 4.7 EH/s ASIC mining capacity, reflecting a notable 13% increase in month-end hashrate. The Company's HODL position at the end of March 2024 was 2,287 BTC, which was a 7% increase from the prior month.
Strategic HODL Increase:
As of April 4, 2024, HIVE's HODL position increased further to 2,315 Bitcoin, up from 2,131 BTC at the end of February 2024.
This continued increase aligns with the Company's strategy to strive to HODL, anticipating heightened demand for Bitcoin due to the adoption of Bitcoin as an alternative asset class, as witnessed with strong fund flows into the recent launch and approval of spot Bitcoin ETFs. The Company has strived to manage for highest cash flow return on invested capital (CFROIC) on a per share basis, while remaining sensitive to shareholder dilution in its overall strategy. HIVE believes that as the Halving event in April nears closer, the short-term volatility in the Company’s stock price will remain high, and investors must be aware that, like its peers, is typically correlated with Bitcoin, but with a greater amplitude in price volatility.
Executive Insights:
Frank Holmes, Executive Chairman, emphasized HIVE's strategic foresight, stating, "Our HODL strategy is to have a healthy balance sheet similar to what we had for the last Halving event in 2020. We ended the quarter with a strong working cash position of approximately $160 million in Bitcoin and cash of $11 million with G&A costs to mine a Bitcoin under $6,000.
Halving Preparation:
Aydin Kilic, President and CEO, highlighted the Company's technological stability with the integration of Bitmain S21 Antminers into its mining fleet, stating, "We have approximately 2,000 S21 Antminers arriving and expected to be installed before the Halving event. Additionally, HIVE has approximately 3,000 additional S21 Antminers being delivered by June 2024. In total, HIVE will receive 5,095 S21 Antminers within the next three months, bringing our total target hashrate to 5.5 EH/s and a global average fleet efficiency of 25 J/TH.”
Operational Excellence and Future Outlook:
HIVE remains at the forefront of the blockchain technology sector, continuously enhancing its mining efficiency and expanding its green energy-powered data center facilities across Canada, Sweden, and Iceland. With a keen focus on financial stability, growth and innovation, HIVE is well-positioned to navigate the volatile crypto market dynamics while securing balanced growth and value for its stakeholders.
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