Hive Digital’s Bitcoin Mining Evolution: 8,900 Rigs and a Focus on Efficiency
Vancouver-based bitcoin mining company Hive Digital (Nasdaq: HIVE) made a strategic move on November 14, acquiring 4,800 Antminer S19k Pro units from Bitmain to reinforce its position in the market ahead of the anticipated reward halving in April 2024.
The company aims to boost its operational efficiency by upgrading from older 38 J/T machines to the more efficient 23 J/TH models. The S19k Pro, known for its SHA256-based, air-cooled design, offers a hashrate capability of up to 120 terahash per second (TH/s) with a power consumption of approximately 2,760 watts (W) and an efficiency of about 23 J/T.
Despite concerns about Hive’s efficiency, evidenced by a 21.2% increase in bitcoin mining costs in Q3, the company disclosed the acquisition of a total of 8,900 bitcoin mining rigs in the last six months, all boasting better J/T efficiency than the older models. Hive’s current hashrate is around 4.1 exahash per second (EH/s), contributing 1% to the Bitcoin network’s total hashrate, with expectations of further growth following the arrival of the new S19k Pro units. Despite recent declines in Hive’s shares, down 8.95% in the last day and 9.24% over the past month, the company has seen an 86.27% rise year-to-date against the U.S. dollar.
Clever Robot News Desk 16th November 2023
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