Key Points
- HIVE Digital reported a 67% year-over-year growth in its Bitcoin holdings and mined 103 BTC in November 2024.
- The company expanded its mining operations and aims to reach a total mining capacity of 15 EH/s by summer 2025.
HIVE Digital’s Production Results
Bitcoin mining firm HIVE Digital disclosed its November 2024 production results.
The company reported a 67% increase in its Bitcoin (BTC) holdings compared to the previous year.
HIVE Digital announced it had mined 103 BTC in November, increasing its total holdings to 2,713 BTC as of November 30.
The firm’s mining capacity averaged 5.3 EH/s, with a peak hashrate of 5.7 EH/s for the month.
By the end of November, the value of HIVE’s Bitcoin holdings was around $261 million, calculated on a BTC closing price of $96,400.
Expansion of Mining Operations
In addition, HIVE expanded its mining operations over the past month.
The company purchased 11,500 Avalon ASIC miners from Canaan Inc. and 8.6 EH/s of Bitmain’s S21+ Hydro machines.
This acquisition is part of HIVE’s plan to reach a total mining capacity of 15 EH/s by summer 2025.
The purchase is expected to generate over $300 million in annual revenue once fully operational.
HIVE’s executive chairman, Frank Holmes, stated the company’s recent expansion is a step towards its goal of capturing 2% of the global Bitcoin network.
HIVE Digital’s CEO, Aydin Kilic, stated the firm is on track to improve its fleet efficiency and reduce production costs.
Once the new equipment is fully operational, HIVE expects to achieve a blended fleet efficiency of 17 J/TH.
Following the announcement, HIVE Digital’s shares (HIVE) increased by 6.1%, rising to $4.35, according to data from Nasdaq.