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RETRANSMISSION: HIVE Digital Technologies Announces November 2024 Production Results and Strategic Milestones
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":"RETRANSMISSION: HIVE Digital Technologies Announces November 2024 Production Results and Strategic MilestonesThis 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 9, 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, has released its unaudited production results for November 2024 (all amounts in US dollars, unless otherwise indicated).Key Highlights for November 2024:Bitcoin Production: HIVE mined 103 BTC, bringing its HODL portfolio to 2,713 BTC, a 67% increase year-over-year.Mining Capacity: Maintained an average mining capacity of 5.3 Exahash per Second (\"EH/s\") with fleet efficiency at 22.3 Joules per Terahash (\"J/TH\"), reaching a peak hashrate of 5.7 EH/s.Operational Efficiency: Achieved an average daily production rate of 3.42 BTC, equivalent to 19.3 Bitcoin per Exahash.Bitcoin Valuation: HIVE's Bitcoin holdings were valued at over $261 million as of November 30, 2024, based on a BTC closing price of approximately $96,400.Strategic Developments:In November, HIVE announced a significant upgrade to its mining fleet by purchasing 11,500 state-of-the-art Avalon ASIC miners from Canaan Inc. The Company has also acquired 8.6 EH/s of Bitmain's S21+ Hydro machines, aiming for a total Bitcoin mining capacity of 15 EH/s by summer 2025. This purchase is fully funded through the company's at-the-market equity program, highlighting HIVE's commitment to scaling its operations while maintaining industry-leading low G&A and ensuring the best return on investment for its shareholders.Once fully deployed, this strategic expansion is expected to generate over $300 million in annual revenue and deliver more than $200 million in mining margin, based on current mining economics.Executive Commentary:Frank Holmes, Executive Chairman of HIVE, stated, \"November has been a monumental month for HIVE, marking a significant step in our journey to capture 2% of the global Bitcoin network. This expansion underscores our team's commitment to efficient, eco-conscious operations and positions us strongly for susta...