Proactive Investors - HIVE Digital Technologies (TSXV:HIVE) announced that it has strategically increased its Bitcoin holdings in March to about $160 million worth ahead of the coin’s halving event later this month.
The Bitcoin miner said it upped its Bitcoin holdings by 10% to finish the month with 2,287 Bitcoin on its balance sheet.
It produced 224 Bitcoin during the month using its state-of-the-art ASIC and GPU mining operations.
Its average daily production was 7.2 Bitcoin, which HIVE said underscored its "operational efficiencies and robust mining capabilities."
The miner said this presented an average of 49.7 Bitcoin per Exahash, with an average hashrate of 4.5 Exahash (EH/s) for the month. This marked an 11% increase in monthly average hashrate.
Since March ended, as of April 4, 2024, HIVE said it has further increased its Bitcoin position to 2,315 Bitcoin, up from 2,131 at the end of February.
The company emphasized its HODL, meaning “hold on for dear life,” strategy.
HIVE believes heightened demand for Bitcoin will be driven by the adoption of the coin as an alternative asset class, as shown by the strong inflow of funds into recently launched spot Bitcoin ETFs.
"Our HODL strategy is to have a healthy balance sheet similar to what we had for the last halving event in 2020,” HIVE executive chairman Frank Holmes commented.
“We ended the quarter with a strong working cash position of approximately $160 million in Bitcoin and cash of $11 million with G&A costs to mine a Bitcoin under $6,000.”
CEO Ayden Kilic highlighted that in preparation for the Bitcoin halving, the company is integrating Bitmain S21 Antminers into its mining fleet.
"We have approximately 2,000 S21 Antminers arriving and expected to be installed before the halving event,” Kilic said.
“Additionally, HIVE has approximately 3,000 additional S21 Antminers being delivered by June 2024. In total, HIVE will receive 5,095 S21 Antminers within the next three months, bringing our total target hashrate to 5.5 EH/s and a global average fleet efficiency of 25 J/TH."
The Bitcoin halving is expected to take place in late April.