Hive Digital says BTC miners bought last Dec have already paid themselves off

Bitcoin (btc) Miner Hive Digital Technologies says the decision to acquire a fleet of Bitmain mining rigs last year has already paid for itself, due in large part to a significant rise in the price of Bitcoin.

On December 8th statementHive Digital wrote that it had been acquiring mining rigs since the FTX collapse, a move it believes will put it in a favorable position for the upcoming Bitcoin halvingcurrently scheduled for April 2024.

Hive bought a total of 3,750 Bitmain S19J platforms as of December 22, 2022, and president and COO Aydin Kilic said the team had also updated its software stack to accommodate the new platforms.

The S19J mining rigs were the top ASIC rigs in 2022, but have since been replaced by the S19K, which feature a lower power consumption rating than their predecessors.

“Since the FTX collapse in November 2022, which marked Bitcoin heading into a year-long bear market, HIVE has taken the opportunity to acquire next-generation ASICs at attractive $/TH prices.”

Overall, since the FTX collapse, Hive Digital has purchased 29,000 ASICs, with two separate acquisitions of 9,800 Bitmain S19k Pro mining rigs announced on November 14 and December 4 of this year.

"The approximately 29,000 ASICs were purchased at an average price of approximately $13.70/TH," Hive Digital wrote, describing the acquisition price as attractive considering the platforms have an average output of 26 J/TH.

Hive Digital said recent mining rig acquisitions have seen its global fleet efficiency increase at a rate of 28.9 J/TH with an expected operational hash rate of 4.8 EH/s by the end of December 2023. .

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Furthermore, Hive reported that it had produced 276.3 Bitcoin as of November 2023 from ASICs and GPUs, representing an average of 66.7 Bitcoins per Exahash.

Since January 1 of this year, Bitcoin has grown over 160%, resulting in a boon for miners, many of whom struggled during a particularly difficult crypto winter spanning from the end of 2021 to all of 2022.

Bitcoin is currently changing hands for $43,400, up 9.8% over the last seven days, according to Cointelegraph price. data.

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