Business
HIVE Digital Announces Bitcoin Production and HODL Growth in March 2024 to 2,287 Bitcoins
This news release constitutes a "designated news release" for the purposes of the Company's amend...
About this update from Hive Digital Technologies Ltd
[{"type":"text","content":"HIVE Digital Announces Bitcoin Production and HODL Growth in March 2024 to 2,287 BitcoinsThis news release constitutes a \"designated news release\" for the purposes of the Company's amended and restated prospectus supplement dated August 17, 2023, to its short form base shelf prospectus dated May 1, 2023.Vancouver, British Columbia--(Newsfile Corp. - April 5, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the \"Company\" or \"HIVE\") a pioneer in green energy-powered blockchain infrastructure, proudly announces its unaudited production figures for March 2024, with approximately $160 million of Bitcoin on the balance sheet. The Company has increased its Bitcoin holdings by 10% and its HODL position at month-end was 2,287 Bitcoin on the balance sheet. HIVE has maintained over 4.5 Exahash (\"EH/s\") of Bitcoin mining capacity, on average, for March 2024 (all amounts in US dollars, unless otherwise indicated).March 2024 Highlights:Production: HIVE successfully mined 224 Bitcoin in March 2024, utilizing its state-of-the-art ASIC and GPU mining operations. This achievement represents an impressive average of 49.7 Bitcoin per Exahash, with a consistent average hashrate of 4.5 EH/s throughout the month, and an 11% increase in monthly average hashrate.Daily Production: HIVE averaged a production of 7.2 BTC per day, underscoring its operational efficiency and robust mining capabilities.Mining Capacity Increase: HIVE concluded March with a 4.7 EH/s ASIC mining capacity, reflecting a notable 13% increase in month-end hashrate. The Company's HODL position at the end of March 2024 was 2,287 BTC, which was a 7% increase from the prior month.Strategic HODL Increase:As of April 4, 2024, HIVE's HODL position increased further to 2,315 Bitcoin, up from 2,131 BTC at the end of February 2024.This continued increase aligns with the Company's strategy to strive to HODL, anticipating heightened demand for Bitcoin due to the adoption of Bitcoin as an alternative asset class, as witnessed with strong fund flows into the recent launch and approval of spot Bitcoin ETFs. The Company has strived to manage for highest cash flow return on invested capital (CFROIC) on a per share basis, while remaining sensitive to shareholder dilution in its overall strategy. HIVE believes that as the Halving event in April nears closer, the sh...