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HIVE Expands and Innovates with 4x Bitcoin Growth from the Quebec Acquisition in 2020 to Mine Bitcoin from Hydro-Electricity and Recycle the Energy to Heat Adjacent Manufacturing Building
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 Expands and Innovates with 4x Bitcoin Growth from the Quebec Acquisition in 2020 to Mine Bitcoin from Hydro-Electricity and Recycle the Energy to Heat Adjacent Manufacturing BuildingThis 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. - October 7, 2023) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the \"Company\" or \"HIVE\") is pleased to provide an update on its expansion strategy leading up to the 2024 Bitcoin halving. In April of 2024, the Bitcoin halving will occur, cutting daily mining production to approximately 450 Bitcoin per day from 900 per day.Executive Chairman Frank Holmes stated, \"When the 2020 halving happened, it caused significant disruptions in the industry. HIVE seized the opportunity by acquiring large Bitcoin mining operations at significant discounts, because much of the industry was overleveraged. We could see a similar situation unfold over the next six months, and if it does, HIVE will be ready.\"HIVE's Lachute, Quebec, Bitcoin mining facility is an excellent example of HIVE's strategic acquisitions around the 2020 halving. The Lachute operation was acquired in the spring of 2020. The property is located in a cool climate with plentiful and low-cost renewable energy. Since the acquisition, HIVE has continually upgraded the mining hardware and expanded the facility.Rami Janashvili, who built Lachute from its origins in 2016, grew the facility to be the largest crypto-mine in Canada at the time, during the Bitmain S9 Antminer miner era, with 18,000 S9 miners operating. Rami is a former Israeli military parachutist, and today he still enjoys the study and challenge of aerodynamics with his collection of giant-scale remote control airplanes. Rami has developed an immersion mining system at the Lachute facility, in addition to this, his team has built out the heat-recycling system, where the heat energy from the Bitcoin mining operation is used to warm a neighboring facility, an approximately 200,000 sft swimming pool manufacturing building.Rami expressed warmly \"Everything is teamwork, and that is where the success comes from. I'm very proud of my team and we have in...