HIVE Digital Reports Impressive November 2024 Production Results

Bitcoin Mining Firm Sees 67% Year-Over-Year Growth in BTC Holdings

HIVE Digital, a prominent Bitcoin mining firm, has released its November 2024 production results, showcasing a significant 67% increase in its BTC holdings compared to the previous year. The firm’s total HODL portfolio now stands at 2,713 BTC, with a value of approximately $261 million as of November 30, based on a BTC closing price of $96,400.

Key Production Highlights

During November, HIVE Digital mined 103 BTC, maintaining an average mining capacity of 5.3 EH/s. The firm’s peak hashrate for the month reached 5.7 EH/s. To further expand its mining operations, HIVE purchased 11,500 Avalon ASIC miners from Canaan Inc. and 8.6 EH/s of Bitmain’s S21+ Hydro machines.

These additions are part of the firm’s plan to reach a total mining capacity of 15 EH/s by the summer of 2025. Once fully deployed, the new equipment is expected to generate over $300 million in annual revenue.

“We’re taking a significant step toward our goal of capturing 2% of the global Bitcoin network.” – Frank Holmes, Executive Chairman of HIVE Digital

Future Plans and Efficiency Improvements

Aydin Kilic, CEO of HIVE Digital, stated that the firm is on track to improve its fleet efficiency and reduce production costs. With the new equipment, HIVE expects to achieve a blended fleet efficiency of 17 J/TH once fully operational.

Following the news, HIVE Digital shares (HIVE) experienced a 6.1% surge, reaching $4.35, according to data from Nasdaq.

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