Bitcoin miner Hive Digital Technologies is reaping the rewards of its strategic move to acquire a fleet of Bitmain mining rigs in the aftermath of FTX’s collapse. Having purchased 3,750 Bitmain S19J rigs in December 2022, President and COO Aydin Kilic shared that the decision was geared towards a favorable position for the impending Bitcoin halving in April 2024. Notably, these S19J rigs, once top-of-the-line, have been succeeded by the more efficient S19Ks.
In a statement released on December 8, Hive Digital highlighted its commitment to staying ahead in the mining game, acquiring a total of 29,000 ASICs since FTX’s collapse. The recent additions include 9,800 Bitmain S19K Pro mining rigs acquired on November 14 and December 4. Describing the acquisition price as attractive at an average of approximately $13.70/TH, Hive Digital emphasized the rigs’ impressive average output of 26 J/TH.
With an updated software stack to accommodate the new rigs, Hive Digital boasts a global fleet efficiency of 28.9 J/TH and anticipates reaching an operating hash rate of 4.8 EH/s by the end of December 2023. The move seems to have paid off handsomely for Hive Digital, thanks in part to the surge in Bitcoin prices, showcasing the company’s strategic foresight in navigating the volatile crypto landscape.
