Bitcoin (BTC) miner Hive Digital Applied sciences says the transfer to amass a fleet of Bitmain mining rigs final 12 months has already paid for itself, due largely to a big improve within the value of Bitcoin.
In a Dec. 8 assertion, Hive Digital wrote that it had been buying mining rigs for the reason that collapse of FTX, a choice it believes will put it in a good place for the upcoming Bitcoin halving, presently slated for April 2024.
276.3 Bitcoin produced from ASIC and GPU mining operations, representing a median of 66.7 Bitcoin Per Exahash
Produced a median of 9.2 BTC per day
Ended the month with 4.18 EH/s of mining capability,… pic.twitter.com/4pWYah2NfD— HIVE Digital Applied sciences (@HIVEDigitalTech) December 7, 2023
Hive bought a complete of three,750 Bitmain S19J rigs on Dec. 22, 2022, with President and COO Aydin Kilic saying the staff had additionally up to date its software program stack to accommodate the brand new rigs.
S19J mining rigs have been the top-of-the-line ASIC rigs in 2022, however have since been succeeded by the S19Ks, which boast a decrease power consumption score than their predecessors.
“For the reason that collapse of FTX in November 2022, which marked Bitcoin heading right into a year-long bear market, HIVE has used the chance to amass new technology ASICs at engaging $/TH costs.”
Total, for the reason that collapse of FTX, Hive Digital has bought 29,000 ASICs, with two separate acquisitions of 9,800 Bitmain S19k Professional mining rigs introduced on Nov. 14 and Dec. 4 this 12 months.
“The roughly 29,000 ASICs have been bought at a median value of roughly $13.70/TH,” wrote Hive Digital, describing the acquisition value as engaging contemplating the rigs have a median output of 26 J/TH.
Hive Digital stated the latest acquisitions of mining rigs have seen its international fleet effectivity rise to a price of 28.9 J/TH with an anticipated working hash price of 4.8 EH/s by the top of December 2023.
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Moreover, Hive reported that it had produced 276.3 Bitcoin in November 2023 from ASICs and GPUs, representing a median of 66.7 Bitcoins per Exahash.
Since Jan. 1 this 12 months, Bitcoin has grown greater than 160%, leading to a boon for miners, a lot of which struggled by way of a very troublesome crypto winter spanning from the top of 2021 and working by way of all of 2022.
Bitcoin is presently altering fingers for $43,400, up 9.8% within the final seven days, per Cointelegraph value information.
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