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Hive Digital, a distinguished participant within the cryptocurrency mining sector, is ramping up its preparations for the anticipated reward halving occasion slated for April 2024. The corporate has lately introduced the acquisition of 4,800 Bitmain S19k Antminer rigs, that are acknowledged for his or her excessive effectivity and low power consumption. This transfer comes as a part of a broader technique that has seen Hive purchase 29,000 ASIC machines since November 2022.
The newly acquired Antminer s19k Professional machines, which make the most of the SHA256 algorithm and boast a formidable hash fee of 120 terahashes per second (TH/s), are anticipated to considerably improve Hive’s mining capabilities. The corporate goals to have these models operational throughout the subsequent 30 days, properly forward of the halving occasion which is able to scale back miners’ block rewards from 6.25 BTC to three.125 BTC.
Regardless of a current uptick in working prices—now averaging $22,000 per BTC mined, a 21.2% enhance from the earlier quarter—Hive has maintained a robust year-to-date efficiency with its inventory worth surging by 86.27% towards the U.S. greenback. This development comes at the same time as Hive’s share worth has fallen by about 50% since July, marking certainly one of its lowest factors in three years.
The corporate contributes roughly 1% to the overall Bitcoin community hashrate, mining round 9 BTC day by day with a complete hashrate of about 4.1 exahash per second (EH/s). Regardless of the present challenges dealing with miners, together with a possible lack of income per {hardware} piece post-halving if Bitcoin’s worth stays unchanged, Hive stays optimistic about Bitcoin’s medium-term worth efficiency.
This bullish outlook is additional bolstered by Bitcoin’s current worth enhance of 27% over the previous month, with its present worth standing at $35,600. Hive and different mining corporations are betting on a major rise in Bitcoin’s worth because the halving occasion approaches, which they consider will assist offset their elevated working bills.
At the moment, miners earn roughly $0.08 per TH/s per day from block rewards and transaction charges. The brand new Antminer s19k Professional consumes about $2,000 yearly in energy prices. If Bitcoin’s worth holds regular after the halving, income per TH/s might drop to $0.04, however Hive is relying on a market upswing to maintain profitability on this important interval for cryptocurrency miners.
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