Business
HIVE Announces Transformative Acquisition of 8.6 EH/s of Bitmain S21+ Hydro Chips, Projecting 15 EH/s by Summer 2025, Driving $300 Million Revenue and 2% of Global Bitcoin Mining Network
This news release constitutes a "designated news release" for the purposes of the Company's prosp...
About this update from Hive Digital Technologies Ltd
[{"type":"text","content":"HIVE Announces Transformative Acquisition of 8.6 EH/s of Bitmain S21+ Hydro Chips, Projecting 15 EH/s by Summer 2025, Driving $300 Million Revenue and 2% of Global Bitcoin Mining NetworkThis news release constitutes a \"designated news release\" for the purposes of the Company's prospectus supplement dated October 3, 2024 to its short form base shelf prospectus dated September 11, 2024.Vancouver, British Columbia--(Newsfile Corp. - December 3, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (referred to as the \"Company\" or \"HIVE\"), a global leader in sustainable blockchain infrastructure, is thrilled to announce a transformative step forward with the acquisition of 8.6 EH/s of Bitmain S21+ Hydros. This purchase will increase HIVE's Bitcoin mining hashrate to 15 EH/s of high-margin, self-mining capacity by summer 2025. These state-of-the-art miners deliver an industry-leading efficiency of 15 J/TH and 319 TH/s per unit, which will be powered by HIVE's green energy infrastructure in Paraguay (all amounts in US dollars, unless otherwise indicated). Frank Holmes, Executive Chairman of HIVE, stated: \"Once fully deployed, our strategic expansion to 15 EH/s will propel HIVE to over $300 million in annualized revenue and deliver more than $200 million in mining margin, based on current mining economics. At 2% of the Bitcoin network's total hashrate, we expect to produce approximately 9 Bitcoin per day at the current difficulty level, supporting HIVE's clear vision for scaling our operations while sourcing green hydro energy and driving significant value for shareholders.\"Order SummaryHIVE's initial order comprises 13,480 units, representing 4.3 EH/s of hashrate capacity, scheduled for delivery in April and May 2025. This acquisition was secured at an exceptionally competitive price of $14/TH.Additionally, the Company has a call option to purchase an additional 13,480 units within one year, bringing the potential total order to 26,960 units, or 8.6 EH/s of cutting-edge mining capacity.By Q1 2025, HIVE will achieve a hashrate of 6.4 EH/s following the internal upgrades of its existing 30 J/TH fleet and the installation of 11,500 Canaan Avalon units. These upgrades will elevate the Company's global mining efficiency to 19.5 J/TH. Upon full execution and installation of the Bitmain order, HIVE will reach ...