HIVE Digital Technologies (HIVE) Reports September 2024 Performance

HIVE Digital Technologies Ltd. (NASDAQ: HIVE) is pleased to announce its unaudited production results for September 2024. The company mined 112 Bitcoin, increasing its HODL portfolio by 1.4%, on a month over month basis, reaching a total of 2,604 BTC. HIVE maintained strong Bitcoin mining capacity, ending the month with 5.6 Exahash per second (EH/s) and an average capacity of over 5.3 EH/s, utilizing primarily hydroelectric power.

September 2024 Highlights:

• Bitcoin Production: 112 Bitcoin mined in September.
• Mining Capacity: Reached an ASIC mining capacity of 5.6 EH/s, demonstrating a fleet efficiency of 23 joules per terahash (J/TH).
• HODL Expansion: Increased Bitcoin holdings to 2,604 BTC, a 1.4% growth from the previous month.
• Operational Efficiency: Averaged 21.1 Bitcoin per Exahash, with a consistent average hashrate of 5.3 EH/s, resulting in a daily production rate of 3.73 BTC.

Strategic Bitcoin Holdings:

With a Bitcoin HODL valued at over $160 million as of September 30, 2024, HIVE highlights its attractive enterprise value compared to peers in the industry.

Executive Insights:

Frank Holmes, Executive Chairman, commented, "September was a productive month, which included our sponsorship of major blockchain events in Europe. HIVE is also listed in Germany. We're progressing well with our growth plan in Paraguay, with a goal to be 2% of the Bitcoin mining network by late 2025, which equates to around 9 Bitcoin produced daily. By the end of September, we were already achieving over 4 Bitcoin per day."

Aydin Kilic, President and CEO, added, "Our primary focus is on upgrading our ASIC fleet, currently operating at 128 MW. Over the next six months, we'll be enhancing efficiency by replacing older ASICs with S21 Pro models. This upgrade is expected based on factors known today to lower our Bitcoin production cost to approximately $28,500 at current difficulty levels."

Sweden's Grid Balancing Contribution

Johanna Thörnblad, HIVE's Country President for Sweden, emphasized HIVE's pioneering role in grid balancing. "With our proprietary software, we can swiftly adjust from 30 MW to any required level within seconds, supporting the community during critical moments. This time, our flexibility ensured uninterrupted power supply to essential services, including hospitals and police facilities. We're proud to be reliable team players in Boden, and our proactive efforts contribute to maintaining a healthy and resilient local ecosystem. By balancing energy demands, we not only support community infrastructure but also minimize environmental impact, promoting sustainability in every aspect of our operations."

Financial and Operational Preparedness

With a recently filed Base Shelf Prospectus for $300 million, HIVE is well-positioned to support ongoing ASIC upgrades and expansion in Paraguay, ensuring sustained growth and operational excellence.

HIVE is excited to partner with Stifel, a highly respected leader in the financial industry, for our At-The-Market (ATM) offering. Stifel's extensive experience and impressive track record make them the ideal partner as we look to strengthen our capital-raising strategy and continue our growth journey.

Stifel brings a breadth of capabilities that align with HIVE growth objectives such as wealth management and financial advisory services, banking and trust services, institutional growth and research expertise, small cap research, and financial performance and asset management.

Stifel's proven expertise in managing numerous active ATMs for growing mid-cap technology companies, along with their well-established network, positions HIVE for a successful growth. Their extensive capabilities across wealth management, institutional services, and research make them uniquely qualified to support HIVE in driving sustainable development and creating value for all our stakeholders. Partnering with a financial powerhouse like Stifel will help us reach new investors and enhance our market presence as we continue to lead in the digital asset space. Any use of proceeds will be aligned with the Company's general corporate requirements, debt repayments and potential future acquisitions.

Stifel's wholly owned subsidiaries operate more than 400 offices with more than 9,000 associates in North America and Europe and are entrusted with $406 billion in client assets as of March 31, 2023.

You May Also Be Interested In