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Vancouver, British Columbia--(Newsfile Corp. - September 5, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE") a pioneer in green energy-powered blockchain infrastructure, is pleased to announce its unaudited production results for August 2024. The Company successfully mined 112 Bitcoin, boosting its total bitcoin holdings by 1%, bringing the balance to 2,533 BTC. HIVE also announced the Acquisition of 1,000 Bitmain S21 Pro Antminers for immediate delivery to upgrade its existing suite of machines, enhancing overall mining efficiency and capacity. HIVE maintained an impressive average Bitcoin mining capacity of over 5.0 Exahash per second ("EH/s") throughout the month, all while continuing its commitment to green energy by primarily sourcing hydroelectricity to power its data centers ( all amounts in US dollars, unless otherwise indicated ).
August 2024 Highlights:
Production: Mined 112 Bitcoin in August 2024.
Mining Capacity Maintained: Concluded the month with a 5.3 EH/s ASIC mining capacity, achieving a blended fleet efficiency of 23 joules per terahash ("J/TH"). HODL Position: Increased Bitcoin holdings to 2,533 BTC, reflecting a 1% growth from the previous month.
Mining Efficiency: Averaged 22.4 Bitcoin per Exahash, ending August with a 5.3 EH/s capacity and a consistent average hashrate of 5.0 EH/s. Daily Production: Averaged 3.6 BTC per day, highlighting operational efficiency and robust mining capabilities.
Strategic HODL Increase:
HIVE emphasizes that with a Bitcoin HODL value exceeding $164 million as of August 31, 2024, the Company's enterprise value remains compelling compared to industry peers.
Executive Insights:
Frank Holmes, Executive Chairman, commented, "We remain focused on our strategy of maintaining the lowest G&A expenses per Bitcoin mined, maximizing cash flow return on invested capital, and achieving high revenue per employee while minimizing share dilution. Our disciplined approach, supported by a global team operating across nine time zones, positions HIVE as one of the leanest Bitcoin mining operations with an attractive EV to EBITDA multiple, holding over 2,500 clean and green Bitcoin on our balance sheet."
Aydin Kilic, President and CEO added, "Over the past month, we have optimized our fleet's performance, achieving an average hashrate of approximately 5.2 EH/s by fine-tuning the firmware of our 30 J/TH machines, improving their efficiency to 27-28 J/TH. This has led to a global fleet efficiency of approximately 23 J/TH. We plan to continue this optimization over the next nine months, upgrading our remaining 30 J/TH ASICs. This will increase our installed hashrate at existing facilities to 6.9 EH/s with a blended fleet efficiency of 19 TH/s."
He further noted, "To support this strategy, we have acquired 1,000 Bitmain S21 Pro Antminers for immediate delivery to upgrade our existing suite of equipment. Additionally, we have purchased 300 Bitmain S19 XP miners to fully utilize available rack space at our Lachute facility. These machines were purchased and installed in August."
With this monthly rolling upgrade strategy, HIVE's updated target hashrate is projected to reach 13.5 EH/s, with a global blended fleet efficiency of 16.9 J/TH upon the completion of the Paraguay facility. This will be achieved while maintaining our green energy strategy, which prioritizes the use of hydroelectricity to power our data centers.
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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 Exchange with a focus on sustainable green energy.
HIVE is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns and operates state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we endeavour to source green energy to mine digital assets such as Bitcoin on the cloud. Since the beginning of 2021, HIVE has held in secure storage the majority of its treasury of BTC derived from mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of Bitcoin. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.
Environmental Sustainability:
Green Energy: By sourcing green renewable energy, HIVE is committed to environmental responsibility, positioning itself as a leader in sustainable cryptocurrency mining.
Competitive Advantage: We believe this environmentally conscious approach sets HIVE apart from competitors and aligns with evolving investor preferences.
Expansion into AI Strategy:
Diversification: HIVE's diversification into HPC enables us to support artificial intelligence (AI) using Nvidia GPU chips, showcasing our adaptability and innovation beyond traditional Bitcoin mining.
Revenue Streams: This strategic move into HPC broadens HIVE's revenue streams and places it at the forefront of technological advancements in both cryptocurrency and AI industries.
HIVE's unique value proposition encompasses efficient operations, a proven agile management team, financial strength, environmental sustainability, and innovative expansion strategies. Beyond Bitcoin mining, HIVE is firmly part of the global boom in data center infrastructure, sourcing primarily green renewable energy.
HIVE presents a unique growth opportunity with over 2,500 Bitcoins on its balance sheet and growing revenue from its suite of Nvidia GPU chips powering data services for the AI revolution.
We encourage you to visit HIVE's YouTube channel here to learn more about HIVE.
For more information and to register to HIVE's mailing list, please visit . Follow @HIVEDigitalTech on Twitter and subscribe to HIVE's YouTube channel .
On Behalf of HIVE Digital Technologies Ltd.
"Frank Holmes"
Executive Chairman
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