{"id":26303,"date":"2023-12-08T01:47:05","date_gmt":"2023-12-08T01:47:05","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/hive-digital-says-btc-miners-bought-last-dec-have-already-paid-themselves-off\/"},"modified":"2023-12-08T01:47:07","modified_gmt":"2023-12-08T01:47:07","slug":"hive-digital-says-btc-miners-bought-last-dec-have-already-paid-themselves-off","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/hive-digital-says-btc-miners-bought-last-dec-have-already-paid-themselves-off\/","title":{"rendered":"Hive Digital says BTC miners bought last Dec have already paid themselves off"},"content":{"rendered":"

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Bitcoin (BTC) miner Hive Digital Technologies says the move to acquire a fleet of Bitmain mining rigs last year has already paid for itself, due in large part to a significant increase in the price of Bitcoin.\u00a0<\/p>\n

In a Dec. 8 statement, Hive Digital wrote that it had been acquiring mining rigs since the collapse of FTX, a decision it believes will put it in a favorable position for the upcoming Bitcoin halving, currently slated for April 2024. <\/p>\n

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276.3 Bitcoin produced from ASIC and GPU mining operations, representing an average of 66.7 Bitcoin Per Exahash
Produced an average of 9.2 BTC per day
Ended the month with 4.18 EH\/s of mining capacity,\u2026 pic.twitter.com\/4pWYah2NfD<\/a><\/p>\n

\u2014 HIVE Digital Technologies (@HIVEDigitalTech) December 7, 2023<\/a><\/p><\/blockquote>\n

Hive purchased a total of 3,750 Bitmain S19J rigs on Dec. 22, 2022, with President and COO Aydin Kilic saying the team had also updated its software stack to accommodate the new rigs. <\/p>\n

S19J mining rigs were the top-of-the-line ASIC rigs in 2022, but have since been succeeded by the S19Ks, which boast a lower energy consumption rating than their predecessors. <\/p>\n

\u201cSince the collapse of FTX in November 2022, which marked Bitcoin heading into a year-long bear market, HIVE has used the opportunity to acquire new generation ASICs at attractive $\/TH prices.\u201d<\/p><\/blockquote>\n

Overall, since the collapse of FTX,\u00a0 Hive Digital has purchased 29,000 ASICs, with two separate acquisitions of 9,800 Bitmain S19k Pro mining rigs announced on Nov. 14 and Dec. 4 this year. <\/p>\n

\u201cThe approximately 29,000 ASICs were purchased at an average price of approximately $13.70\/TH,\u201d wrote Hive Digital, describing the acquisition price as attractive considering the rigs have an average output of 26 J\/TH. <\/p>\n

Hive Digital said the recent acquisitions of mining rigs have seen its global fleet efficiency rise to a rate of 28.9 J\/TH with an expected operating hash rate of 4.8 EH\/s by the end of December 2023. <\/p>\n

Related: <\/em><\/strong>Phoenix seals $380M deal with WhatsMiner for green Bitcoin mining<\/em><\/strong><\/p>\n

Additionally, Hive reported that it had produced 276.3 Bitcoin in November 2023 from ASICs and GPUs, representing an average of 66.7 Bitcoins per Exahash.<\/p>\n

Since Jan. 1 this year, Bitcoin has grown more than 160%, resulting in a boon for miners, many of which struggled through a particularly difficult crypto winter spanning from the end of 2021 and running through all of 2022. <\/p>\n

Bitcoin is currently changing hands for $43,400, up 9.8% in the last seven days, per Cointelegraph price data. <\/p>\n

X Hall of Flame: <\/em><\/strong>Expect \u2018records broken\u2019 by Bitcoin ETF: Brett Harrison (ex-FTX US)<\/em><\/strong><\/p>\n<\/div>\n