Hive Digital Technologies, a key player in the Bitcoin mining industry, achieved a significant milestone with its ASIC miners. In December 2022, the company made a substantial investment in 3,750 Bitmain S19J mining rigs. These top-of-the-line ASIC rigs of 2022, now succeeded by the more energy-efficient S19Ks, were part of Hive’s strategic purchase during the Bitcoin market surge.
Following the FTX collapse, Hive Digital capitalized on the opportunity to expand its fleet, acquiring a total of 29,000 ASICs at an average price of $13.70/TH. This investment was not only cost-effective but also enhanced the company’s mining efficiency to 28.9 J/TH. By November 2023, this strategic expansion led to the production of 276.3 Bitcoin, averaging 66.7 Bitcoins per Exahash.
Hive’s foresight in investing amid the post-FTX market conditions has now paid dividends. The significant rise in Bitcoin’s value, which saw over 160% growth since January 2023, has been a major factor in the rapid pay-off of their investment. Bitcoin’s current trading price stands at $43,400, marking a 9.8% increase in the past week alone.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.