HIVE Digital Technologies, a prominent Bitcoin miner listed on Wall Street (NYSE: HIVE), has reported a decrease in crypto output for November. Despite this, the company has announced ambitious plans to triple its mining capacity by mid-2025.
In November, HIVE mined fewer Bitcoins compared to October, with a total of 117 Bitcoins mined the previous month. However, the company’s total holdings grew by 67% year-over-year to 2,713 BTC, valued at approximately $261 million by the end of the month.
Throughout November, HIVE maintained an average hashrate of 5.3 EH/s, with daily production averaging 3.42 Bitcoin. The mining fleet operated at an efficiency rate of 22.3 joules per terahash, reaching peak performance of 5.7 EH/s.
Frank Holmes, the Executive Chairman of HIVE, expressed optimism about the company’s future growth. He highlighted the team’s dedication to efficient and environmentally conscious operations, positioning HIVE for sustainable long-term success in the competitive Bitcoin mining industry.
Despite the positive outlook, HIVE is not immune to the challenges faced by other Wall Street-listed miners. Many companies, including Core Scientific, have reported declines in Bitcoin production for November. This trend is attributed to increasing competition, rising mining difficulty, and higher hash rates leading to increased costs.
However, MARA Holdings, led by Fred Thiel, bucked the trend by mining 254 BTC in November, a 27% increase from the previous month. This success showcases the resilience and adaptability of certain players in the mining industry.
Looking ahead, HIVE has announced plans to expand its operations significantly by purchasing 11,500 Avalon ASIC miners from Canaan Inc. and 8.6 EH/s of Bitmain S21+ Hydro machines. This strategic move is expected to boost the company’s global hashrate capacity to 15 EH/s with a blended fleet efficiency of 17 J/TH.
Aydin Kilic, HIVE’s President and CEO, emphasized the efficiency and cost-effectiveness of these strategic orders, which are intended to reduce Bitcoin production costs and increase operating margins. The expansion aims to generate over $300 million in annual revenue and $200 million in mining margin by summer 2025.
Overall, HIVE Digital Technologies is poised for substantial growth and continued success in the evolving landscape of Bitcoin mining. With strategic investments and a focus on efficiency, the company remains a key player in the industry.