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HIVE
Digital Technologies, the publicly listed Bitcoin miner from Wall Street (NYSE:
HIVE), reported lower crypto output in November while announcing significant
expansion plans to triple its mining capacity by mid-2025.
HIVE Digital Reports 103
Bitcoin Mined in November
The Wall
Street Bitcoin miner’s November production represents a decline from 117
Bitcoin mined in October, though its total holdings grew 67% year-over-year to
2,713 BTC, valued at approximately $261 million at month-end.
HIVE
maintained an average hashrate of 5.3 EH/s in November, with daily production
averaging 3.42 Bitcoin. The company’s mining fleet operated at an efficiency
rate of 22.3 joules per terahash, reaching peak performance of 5.7 EH/s.
“November has been a monumental month for HIVE, marking a significant step in our journey to capture 2% of the global Bitcoin network,” commented Frank Holmes, the Executive
Chairman of HIVE. “This expansion underscores our team’s commitment to efficient, eco-conscious operations and positions us strongly for sustainable long-term growth while maximizing cash flow return on invested capital.”
HIVE has
become the eighth Wall Street-listed miner to report a decline in Bitcoin
production for November. Earlier, at the end of last week, Core Scientific
(NASDAQ: CORZ) announced a drop in self-mined Bitcoin from 369 to 314.
What is
causing these declines among the largest miners? After all, Bitcoin’s price has
risen to $100,000, reaching a new all-time high in November. The primary
reasons remain increasing competition and rising mining difficulty, which
correlate with higher hash rates and increased costs.
The
negative trend in November was broken only by MARA Holdings, the largest miner
by market cap and Bitcoin reserves. The company, led by Fred Thiel, managed to
mine 254 BTC, a 27% increase compared to October.
Wall Street Bitcoin Miner
Plans Major Fleet Expansion
In an
additional announcement, HIVE unveiled plans to boost its operations through two major equipment purchases significantly:
- 11,500
Avalon ASIC miners from Canaan Inc. - 8.6 EH/s of
Bitmain S21+ Hydro machines
“We
expect to reach 15 EH/s of global hashrate capacity with a blended fleet
efficiency of 17 J/TH upon full execution and installation our Canaan and
Bitmain orders,” added Aydin Kilic, HIVE’s President and CEO. “These strategic
orders position HIVE with one of the most efficient Bitcoin ASIC mining fleets
in the industry, significantly reducing our Bitcoin production costs and
increasing our operating margin.”
This
expansion aims to reach 15 EH/s of total mining capacity by summer 2025,
potentially generating over $300 million in annual revenue and $200 million in
mining margin at current rates.
This article was written by Damian Chmiel at www.financemagnates.com.
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