Hive Digital Enhances Mining Capabilities with Acquisition of 4,800 Bitmain S19k Bitcoin Miners in Preparation for 2024 Halving
Hive Digital, a prominent bitcoin mining enterprise based in Vancouver, recently announced its acquisition of 4,800 Bitmain S19k Antminer mining rigs. This move is seen as a strategic effort by Hive to fortify its operations in anticipation of the upcoming bitcoin reward halving.
Vancouver-Based Hive Digital Escalates Operations with Major Antminer Purchase
The trend of significant investments in mining equipment by bitcoin mining corporations has been on the rise. Joining this trend, Hive Digital (Nasdaq: HIVE) disclosed on November 14 their procurement of 4,800 Antminer S19k Pro units from Bitmain. The company anticipates the delivery of these units within a 30-day window, with the objective of enhancing its mining efficiency in terms of joules per terahash (J/T).
Equipped with SHA256 technology, the Antminer S19k Pro is an air-cooled mining rig with a hashrate capability reaching up to 120 terahash per second (TH/s). These rigs consume about 2,760 watts (W) and boast an efficiency rate of approximately 23 J/T. Hive plans to replace its older, less efficient 38 J/T machines with these new models in preparation for the block reward halving in April 2024, which is expected to reduce miners’ rewards by more than half.
Mining Statistics and Hive’s Position
Recent statistics from theminermag.com have highlighted Hive as one of the less efficient mining operations. According to Miner Mag, Hive’s costs for bitcoin mining escalated by 21.2% in the third quarter, with costs exceeding $22,000 per BTC mined. Furthermore, Hive disclosed on Tuesday its acquisition of a total of 8,900 bitcoin mining rigs over the past six months, all surpassing the efficiency of its older models.
Despite these advancements, Hive’s stock has witnessed a decline of 8.95% in the last day and 9.24% over the past month. However, on a year-to-date basis, the company’s shares have surged by 86.27% against the U.S. dollar. Hive currently maintains a hashrate of approximately 4.1 exahash per second (EH/s), contributing to 1% of the total Bitcoin network hashrate. The company mines around 9 BTC daily, and with the new S19k Pro units, its hashrate is poised for further growth.
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Frequently Asked Questions (FAQs) about Hive Digital Bitcoin Mining
What is Hive Digital’s Recent Acquisition in the Bitcoin Mining Sector?
Hive Digital, a Vancouver-based bitcoin mining company, has recently acquired 4,800 Bitmain S19k Antminer mining rigs. This strategic move aims to enhance the firm’s mining efficiency, particularly in preparation for the anticipated Bitcoin halving event scheduled for April 2024.
How Will the Acquisition Impact Hive Digital’s Mining Efficiency?
The acquisition of the Antminer S19k Pro units is expected to significantly improve Hive Digital’s mining efficiency. These units, with a hashrate capability of up to 120 TH/s and an efficiency of 23 joules per terahash, are intended to replace Hive’s older, less efficient mining rigs before the 2024 halving.
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More about Hive Digital Bitcoin Mining
- Hive Digital’s Acquisition Announcement
- Bitmain Antminer S19k Pro Specifications
- 2024 Bitcoin Halving Overview
- Hive Digital’s Stock Performance
- Bitcoin Mining Industry Trends
- The Miner Mag’s Mining Statistics Report