This press release constitutes a “designated news release” for purposes of the Company’s October 3, 2024 prospectus supplement to its September 11, 2024 short base prospectus.
San Antonio, Texas – (Newsfile Corp. – January 8, 2025) – HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the “Company” or “HIVE”), a global leader in sustainable blockchain infrastructure, released unaudited production results for December 2024 (All amounts are in US dollars, unless otherwise indicated).
Highlights for December 2024:
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production: 103 BTC were mined, bringing HIVE’s HODL wallet to 2,805 BTC, an increase of 64.6% year-on-year.
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capacity: Maintaining an average mining capacity of 5.5 exahashes per second (“EH/s”) with fleet efficiency at 22 joules per terahash (“J/TH”), reaching a peak BTC-only hashrate of 6.0 EH/s, and an equivalent peak of BTC hash rate 6.3 EH/s.
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Operational efficiency: It achieved an average daily production rate of 3.32 BTC, which equates to 18.8 BTC per exahash.
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Bitcoin Valuation: HIVE’s bitcoin holdings were valued at over US$261.9 million as of December 31, 2024, based on BTC’s closing price of approximately US$93,400.
Strategic developments:
- In December, HIVE reached 6.0 EH/s of operational hashrate, representing 47% year-over-year growth from 4.08 EH/s on December 31, 2023. This milestone was driven by the upgrade of the company’s Bitcoin mining fleet with state-of-the-art Avalon machines that Purchased from Canaan Company (NASDAQ:), which enhances the efficiency and capacity of its operations.
- The company expects to reach 15.0 EK/s of global fractionation capacity by the end of 2025, with a mixed fleet efficiency of 17.0 J/TH upon full deployment of its 100 MW strategic hydropower expansion in Paraguay.
- The company obtained very competitive energy prices in Sweden, adding to its hedging position with electricity costs at rates below 2 cents per kilowatt hour.
- Furthermore, HIVE announced the strategic relocation of its head office from Vancouver, Canada, to San Antonio, Texas, with the aim of enhancing growth and shareholder value within the US market. The company has signed a lease for office space in San Antonio, Texas, marking an important step in establishing its new headquarters. HIVE also announced plans to transition to reporting financial results under United States Generally Accepted Accounting Principles (“US GAAP”), beginning with its audited financial statements for the fiscal year ending March 31, 2025.
Executive Comment:
“The past year has been critical in HIVE’s journey as we continue to align next-generation technology with sustainable operations,” said Aydin Kilic, CEO of HIVE. “We have increased our global hash rate by 47%, to 6.0 EH/s, and have started our new energy site Green 100 MW capacity in Paraguay We are targeting a global fractionation rate of 13.0 Ah/s by the end of the second calendar quarter of 2025. Phase completion. “Initial capacity of 100 MW, we aim to achieve 15.0 MW/s by the end of calendar 2025 with further expansions at the site, and the ASIC equipment needed to achieve the 15.0 MW/s target has been ordered from Bitmain, as announced in a previous press release.”
Beehive in Texas:
“As we enter 2025, we boast an exceptionally strong balance sheet, including approximately $262 million of Bitcoin in our treasury,” said Frank Holmes, CEO of HIVE. “Our decision to move our head office to the US represents a strategic move to strengthen our presence in the market.” The world’s most powerful and dynamic capital and to better serve our shareholders, I’m proud of our team’s efforts to significantly expand our Bitcoin mining and high-performance computing capabilities, ensuring we continue to play a leading role in digital transformation.
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. It is a leading technology company developing sustainable blockchain and artificial intelligence infrastructure powered by green energy. As the first cryptocurrency mining company to go public on the TSX Venture Exchange in 2017, HIVE has grown into a global leader in digital asset mining and AI computing. With operations in Canada, Sweden and soon Paraguay, HIVE continues to innovate while reducing its environmental footprint.
For more information, visit hivedigitaltech.com, or contact us at:
Tenth: https://x.com/HIVEDigitalTech
YouTube: https://www.youtube.com/@HIVEDigitalTech
Instagram: https://www.instagram.com/hivedigitaltechnologies/
LinkedIn: https://linkedin.com/company/hiveblockchain
On behalf of HIVE Digital Technologies Ltd.
“Frank Holmes”
chief executive officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-looking information
Except for statements of historical fact, this press release contains “forward-looking information” within the meaning of applicable Canadian and United States securities legislation and regulations that are based on expectations, estimates and projections as of the date of this press release. “Forward-looking information” in this press release includes, but is not limited to: the Company’s business goals and objectives; Results of operations for December 2024; Acquire, deploy and improve mining fleet and equipment; The continued viability of current Bitcoin mining operations; and other forward-looking information regarding the future intentions, plans and actions of the parties to the transactions described herein and the terms contained therein.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the volatility of the cryptocurrency market; The Company’s ability to successfully mine digital currency; The Company may not be able to profitably liquidate its existing inventory of digital currencies as desired, or at all; A material decline in the price of digital currencies could have a material adverse impact on the Company’s operations; the regulatory environment for cryptocurrencies in Canada, the United States and the countries where our mining facilities are located; economic dependence on conditions of service and regulated electricity prices; the speculative and competitive nature of the technology sector; Relying on the continued growth in the use of blockchain and cryptocurrencies; lawsuits, other legal proceedings and challenges; government regulations; global economic climate; mitigation; future capital needs and uncertainties regarding additional financing, including the Company’s ability to utilize the Company’s A™ Program and the prices at which the Company may sell common shares in the A™ Program, as well as capital market conditions generally; risks related to the strategy of maintaining and increasing Bitcoin holdings and the impact of declining Bitcoin prices on working capital; The competitive nature of the industry; currency exchange risks; the Company’s need to manage planned growth and expansion; implications of product development and the need for continuous technological change; the ability to maintain reliable and economical energy sources to operate its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes on energy systems in jurisdictions in which the Company operates; Protection of property rights; The impact of government regulation and compliance on the Company and the industry; network security risks; The Company’s ability to properly maintain business systems; Dependence on key personnel; deterioration of global economic and financial markets, which impedes access to capital or increases the cost of capital; Equity dilution resulting from the A™ Program and from other equity issuances; Facilities may not be constructed and operated as currently planned, or at all; Expansion may not occur as currently expected, or at all; Cryptocurrency market; The ability to successfully mine digital currency; revenues may not increase as currently expected, or at all; It may not be possible to liquidate existing cryptocurrency stocks profitably, or at all; A decline in digital currency prices may have a significant negative impact on operations; Increased network difficulty may have a significant negative impact on operations; The volatility of digital currency prices; the expected growth and sustainability of electricity for cryptocurrency mining purposes in applicable jurisdictions; the inability to maintain reliable and economical power sources for the Company to operate its cryptocurrency mining assets; the risk of increases in the Company’s electricity costs, cost or changes in currency exchange rates, energy curtailments or regulatory changes in energy systems in the jurisdictions in which the Company operates and a negative impact on the Company’s profitability; the ability to complete current and future financings, and any regulations or laws that would prevent the Company from conducting its business; Historical prices of digital currencies and the ability to mine digital currencies that will correspond to historical prices; the inability to predict and counter the effects of pandemics on the Company’s business, including but not limited to the effects of pandemics on digital currency prices, capital market conditions, and restrictions on labor, international travel and supply chains; adopt or expand any regulation or law that would prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully described in the Company’s disclosure documents under the Company’s filings at www.sec.gov/EDGAR and www.sedarplus.ca.
The forward-looking information contained in this press release reflects the Company’s current expectations, assumptions and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this press release, the Company has made assumptions about the Company’s future goals, objectives or plans, timing and related matters. The company also assumed that no significant events would occur outside the scope of the company’s normal business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and, therefore, undue reliance should not be placed on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.
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