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RETRANSMISSION: HIVE Digital Announces New Purchase of 5,000 Bitmain S19k Pro ASIC Miners as Production Approaches 5 Exahash
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 Announces New Purchase of 5,000 Bitmain S19k Pro ASIC Miners as Production Approaches 5 ExahashThis news release constitutes a \"designated news release\" for the purposes of the Company's prospectus supplement dated May 10, 2023, to its short form base shelf prospectus dated May 1, 2023.Vancouver, Canada--(Newsfile Corp. - December 4, 2023) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the \"Company\" or \"HIVE\"), a leading digital asset miner and \"green\" focused data center builder and operator provides a strategic update and announces the purchase of 5,000 Bitmain S19k Pro ASIC miners (all amounts in US dollars, unless otherwise indicated).With an efficiency of 23 joules per terahash (\"J/TH\"), these 5,000 S19k Pro ASIC miners are expected to be delivered within 30 days and will allow us to upgrade a portion of our fleet improving our average J/TH efficiency, while their fast-tracked delivery will also enable HIVE to quickly generate cash flow and returns. The Company expects these latest generation machines to be cash flow positive after the Bitcoin halving next year. This purchase is in addition to the 4,800 S19k Pro miners announced on November 14, 2023.The installation of the new 5,000 S19k Pro miners will significantly improve our global fleet efficiency, enhancing it to approximately 29 J/TH. This latest purchase demonstrates our focus on growing our hash rate, while also improving our overall average fleet efficiency which will lower and optimize our cost of production per Bitcoin ahead of the upcoming Bitcoin halving in April 2024 with our goal to hit 6.0 Exahash. HIVE has procured approximately 29,000 ASICs since the recent bottom of the market in November 2022, totaling approximately 3.35 Exahash.Each ASIC miner purchase has been made with the intent to maximize return on invested capital by seeking machine offers with low $/TH prices and near immediate delivery. This reflects our strategic and analytical approach to secure the best opportunities for our shareholders, as opposed to making large orders, with drawn out delivery periods, risking dilution and vulnerability to market changes.About HIVE Digital Technologies Ltd.HIVE Digital Technologies Ltd. went public in 2017 as the first cryptocurrency mining company listed for trading on the TSX Venture Excha...