Hive Bolsters Mining Power With Purchase of 4,800 Bitmain S19k Bitcoin Miners Ahead of 2024 Halving

On Tuesday, Hive Digital, a bitcoin mining company based in Vancouver, revealed its acquisition of 4,800 Bitmain S19k Antminer mining rigs. Hive stated that this purchase is intended to strengthen the firm and strategically position it for the anticipated reward halving.

Vancouver’s Hive Digital Ups Ante With 4,800 Antminer Buy

In recent months, there has been a notable surge in bitcoin mining companies acquiring substantial quantities of mining rigs from leading manufacturers. Hive Digital (Nasdaq: HIVE) joined this trend on November 14, announcing their purchase of 4,800 Antminer S19k Pro units from Bitmain. The company expects these units to be delivered within 30 days, aiming to enhance Hive’s efficiency measured in joules per terahash (J/T).

The Antminer S19k Pro, a SHA256-based, air-cooled mining rig, boasts a hashrate capability of up to 120 terahash per second (TH/s). These machines consume approximately 2,760 watts (W) from the wall and have an efficiency of about 23 J/T. Hive’s strategy is to upgrade its older 38 J/T machines to these more efficient 23 J/TH models prior to the block reward halving. Scheduled for April 2024, this halving event will slash miners’ earnings by over half.

Recent data from theminermag.com indicates that Hive is “one of the least efficient operations.” According to Miner Mag, Hive’s bitcoin mining costs surged by 21.2% in the third quarter, reaching over $22,000 per BTC mined. Hive also revealed on Tuesday that it has acquired a total of 8,900 bitcoin mining rigs in the last six months, all of which offer better J/T efficiency than its older models.

Despite this, Hive shares have declined 8.95% in the last day and 9.24% over the past month. Yet, year-to-date, the company’s shares have risen by 86.27% against the U.S. dollar. Currently, Hive’s hashrate stands at about 4.1 exahash per second (EH/s), accounting for 1% of the Bitcoin network’s total hashrate. The company mines approximately 9 BTC daily, and with the anticipated arrival of the new S19k Pro units, its hashrate is expected to increase further.

What do you think about Hive’s latest mining rig acquisition? Share your thoughts and opinions about this subject in the comments section below.