Hive Digital Technologies, a prominent BTC miner, announced on December 8 that its strategic acquisition of Bitmain mining rigs in December 2022 has proven to be a lucrative move, with the rigs already covering their initial costs. The surge in Bitcoin prices played a pivotal role in this success.
Following the FTX collapse in November 2022, Hive Digital initiated the acquisition of mining rigs in anticipation of a favorable position for the upcoming Bitcoin halving in April 2024.
President and COO Aydin Kilic stated that on December 22, 2022, they acquired 3,750 Bitmain S19J rigs. This acquisition was complemented by a software stack update designed to accommodate these new rigs.
Despite being top-of-the-line ASICs in 2022, the S19J rigs have been succeeded by the more energy-efficient S19Ks.
Hive Digital Resilience in the Post-FTX Bear Market
Since the collapse of FTX, Hive Digital has made a series of acquisitions, totaling 29,000 ASICs at an average price of approximately $13.70/TH. Their recent addition of 9,800 Bitmain S19K Pro mining rigs further strengthened their position.
Amid the bear market after FTX’s collapse, Hive Digital prioritized acquiring cost-effective new-gen ASICs. The average efficiency of their global fleet increased to 28.9 J/TH. They anticipate reaching an operating hash rate of 4.8 exahashes per second by the end of December 2023.
Production Success and Strategic Moves in the 2023 Bitcoin Market
In November 2023, Hive Digital reported the production of 276.3 Bitcoin from ASICs and GPUs, averaging 66.7 Bitcoin per exahash. This success is attributed to the remarkable growth of Bitcoin, which has surged by over 160% since January 1.
This positive outcome marks a significant turnaround for miners who weathered a challenging crypto winter throughout 2022. Hive Digital’s strategic moves in acquiring efficient mining rigs have positioned them favorably in the thriving Bitcoin market.