Bitcoin miner HIVE Digital has reported a significant 67% increase in its Bitcoin holdings following a boost in its production capacity in November 2024.
In its monthly production update, HIVE revealed that it had mined 103 BTC during the month, bringing its total Bitcoin holdings to 2,713 BTC. The company also highlighted its strong mining performance, achieving an average hash rate of 5.3 EH/s with a peak of 5.7 EH/s. As of November 30, the company’s Bitcoin holdings were valued at approximately $261 million, based on Bitcoin’s closing price of $96,400.
The company made significant investments to enhance its mining capabilities, purchasing 11,500 Avalon ASIC miners from Canaan Inc. and 8.6 EH/s of Bitmain’s S21+ Hydro machines. These additions are part of HIVE’s strategy to reach a total mining capacity of 15 EH/s by the summer of 2025. Once fully operational, the new equipment is expected to generate over $300 million in annual revenue.
HIVE’s executive chairman, Frank Holmes, emphasized the firm’s ambition to secure 2% of the global Bitcoin network. CEO Aydin Kilic added that the upgraded fleet would enhance efficiency and lower production costs, thus enabling a blended fleet efficiency of 17 J/TH once all machines are deployed.
Meanwhile, Argo Blockchain, another Bitcoin mining company, reported a boost in revenue for November 2024 despite a decrease in its mining output.
Argo mined 39 BTC in November, down from 46 BTC in October, resulting in a reduction in its daily output from 1.5 BTC to 1.3 BTC. However, its revenue rose to $3.4 million, up from $3.0 million the previous month. The company attributed this revenue growth to an improved hashprice and a higher realized Bitcoin price during November. This positive shift follows a challenging third quarter for Argo, which saw a 28% year-over-year revenue decline.
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