Hive Digital Technologies Executive Chairman Frank Holmes recently revealed that the company experienced positive production figures in May, mining 119 Bitcoin and 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) throughout May 2024.
Holmes emphasized that the company saw its HODL position increase to 2,451 BTC, a 3% rise from the previous month. This comes at a time when Bitcoin has reached all-time highs, highlighting the company's strong performance in the cryptocurrency mining sector. Hive's mining efficiency averaged 24.5 Bitcoin per Exahash, concluding May with a hashrate of 5.0 EH/s and an average hashrate of 4.9 EH/s during the month. The company showcased its operational efficiency by averaging the production of 3.8 BTC per day.
Highlighting the company's strategic efforts, Holmes noted that the consistent production figures and the increase in the HODL position reflect Hive's robust performance and competitive edge in the industry. The company is focused on optimizing operations and enhancing mining efficiency to maximize value for its shareholders.
In addition to the positive production figures, Hive announced the acquisition of 1,000 Bitmain S21 Pro Antminers, which are the latest and most efficient machines available on the market. These units, boasting a hashrate of 234 Terahash per second and an efficiency of 15 J/TH, are expected to ship this month. This acquisition is a key part of Hive's strategy to continually upgrade its fleet and boost its mining capabilities.
Holmes highlighted that acquiring the new Antminers is crucial for the company's growth strategy. By integrating these advanced machines, Hive aims to further enhance its mining capacity and efficiency, positioning itself to capitalize on the increasing demand for Bitcoin.
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 underscores Hive's commitment to strengthening its Bitcoin reserves and leveraging its mining capabilities to maximize shareholder value.
