HIVE says Bitcoin miners have paid for themselves

The mining rigs for Bitcoin purchased a year ago have fully paid for themselves when taking electricity costs into account, according to HIVE Digital Technologies.

???????? ???? ?????????? ??????

? 276.3 Bitcoin produced from ASIC and GPU mining operations, representing an average of 66.7 Bitcoin Per Exahash
? Produced an average of 9.2 BTC per day
? Ended the month with 4.18 EH/s of mining capacity,… pic.twitter.com/4pWYah2NfD

— HIVE Digital Technologies (@HIVEDigitalTech) December 7, 2023

In December 2022 the company bought about 29,000 ASIC miners with a total hash rate of 3.35 EH/s.

According to the statement, against the bear market that followed the collapse of FTX, the company took advantage of the opportunity to acquire Antminer S19j Pro rigs from Bitmain at an attractive price. The miners with energy efficiency around 26 J/TH cost HIVE $13.7 per TH/s on immediate-delivery terms.

According to Hashrate Index, current market quotes for such equipment stand at $10.66 per TH/s, and devices with energy consumption below 25 J/TH at $13.26.

In October, Iris Energy and CleanSpark signed with Bitmain contracts to purchase the recently introduced Antminer S21. The equipment price for the companies was about ~$14 per TH/s, but they will begin receiving units with the claimed efficiency of 17.5 J/TH in the first half of 2024.

«All Bitcoin miners are striving to use the most energy-efficient ASIC chips, and we are pleased that we were able to upgrade our global fleet during the downturn in the cryptocurrency market», — according to a statement by HIVE.

The company also reported the purchase of an operating data centre with a 6 MW capacity in Boden, Sweden. It is expected that the facility located next to the firm’s existing mining operation will add about 0.25 EH/s to the company’s hash rate. As of the end of November, it stood at 4.14 EH/s, including the GPU fleet.

In November last year, HIVE began receiving Bitcoin mining installations based on Intel ASIC chip.