Hive Digital reports that the Bitcoin miners purchased in December of the previous year have already recouped their initial costs.

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

In December 2022, Hive Digital executed a substantial purchase of ASIC miners. Within just one year, propelled by a surge in Bitcoin value, the cryptocurrency mining company asserts that the acquired rigs have completely offset their initial cost.

With Bitcoin trading at $43,425, Hive Digital Technologies affirms that the strategic acquisition of a fleet of Bitmain mining rigs in the previous year has proven to be a lucrative investment. The company disclosed in a statement on December 8 that it commenced acquiring these mining rigs following the collapse of FTX. This decision, according to Hive Digital, positions the company favorably for the forthcoming Bitcoin halving, scheduled for April 2024.

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Source from cryptonews

On December 22, 2022, Hive completed the acquisition of 3,750 Bitmain S19J rigs, as confirmed by President and COO Aydin Kilic. Kilic mentioned that the team simultaneously implemented software stack updates to seamlessly integrate the newly acquired rigs.

In the landscape of ASIC rigs, the S19J mining rigs held the pinnacle position in 2022. However, the baton has been passed to the S19Ks, which outshine their predecessors by featuring a reduced energy consumption rating.

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Source from cryptonews

In the aftermath of the FTX collapse, Hive Digital has undertaken a substantial procurement, obtaining a total of 29,000 ASICs. This includes the disclosure of two separate acquisitions, involving 9,800 Bitmain S19k Pro mining rigs, announced on both November 14 and December 4 of the current year.

Hive Digital provided insight into the acquisition cost, stating that the approximately 29,000 ASICs were secured at an average price of about $13.70 per terahash (TH). This was deemed attractive, especially considering that the rigs boast an average output of 26 joules per terahash (J/TH).

As a result of these recent acquisitions, Hive Digital has experienced an enhancement in its global fleet efficiency, reaching a rate of 28.9 J/TH. The company anticipates achieving an operating hash rate of 4.8 exahashes per second (EH/s) by the conclusion of December 2023.

In terms of production, Hive reported the generation of 276.3 Bitcoins in November 2023 from both ASICs and GPUs. This translates to an average of 66.7 Bitcoins per exahash.

The buoyant trend in Bitcoin’s value has notably benefited miners in 2023, with the cryptocurrency surging over 160% since January 1st. This positive shift has provided relief for miners who faced challenges during the challenging crypto winter that spanned the end of 2021 through the entirety of 2022.

Currently, Bitcoin is trading at $43,400, reflecting a 9.8% increase in the last seven days, according to Cointelegraph price data.

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