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

CryptofreePress Staff by CryptofreePress Staff
December 8, 2023
in Bitcoin
0
Hive Digital says BTC miners bought last Dec have already paid themselves off

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Bitcoin (BTC) miner Hive Digital Applied sciences says the transfer to amass a fleet of Bitmain mining rigs final 12 months has already paid for itself, due largely to a big enhance within the value of Bitcoin. 

In a Dec. Eight assertion, Hive Digital wrote that it had been buying mining rigs because the collapse of FTX, a call it believes will put it in a positive place for the upcoming Bitcoin halving, presently slated for April 2024.

Hive bought a complete of three,750 Bitmain S19J rigs on Dec. 22, 2022, with President and COO Aydin Kilic saying the group had additionally up to date its software program stack to accommodate the brand new rigs.

S19J mining rigs had been the top-of-the-line ASIC rigs in 2022, however have since been succeeded by the S19Ks, which boast a decrease vitality consumption score than their predecessors.

“Because the collapse of FTX in November 2022, which marked Bitcoin heading right into a year-long bear market, HIVE has used the chance to amass new technology ASICs at enticing $/TH costs.”

General, because the collapse of FTX,  Hive Digital has bought 29,00zero ASICs, with two separate acquisitions of 9,800 Bitmain S19okay Professional mining rigs introduced on Nov. 14 and Dec. Four this 12 months.

“The roughly 29,00zero ASICs had been bought at a median value of roughly $13.70/TH,” wrote Hive Digital, describing the acquisition value as enticing contemplating the rigs have a median output of 26 J/TH.

Hive Digital stated the current acquisitions of mining rigs have seen its world fleet effectivity rise to a price of 28.9 J/TH with an anticipated working hash price of 4.Eight EH/s by the top of December 2023.

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Moreover, Hive reported that it had produced 276.three Bitcoin in November 2023 from ASICs and GPUs, representing a median of 66.7 Bitcoins per Exahash.

Since Jan. 1 this 12 months, Bitcoin has grown greater than 160%, leading to a boon for miners, a lot of which struggled by way of a very troublesome crypto winter spanning from the top of 2021 and operating by way of all of 2022.

Bitcoin is presently altering palms for $43,400, up 9.8% within the final seven days, per Cointelegraph value information.

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