HIVE Acquires 1,000 S21 Pro Bitcoin Miners to Enhance Fleet Efficiency

HIVE Digital (NASDAQ: HIVE) has recently acquired another 1,000 units of Bitmain’s S21 Pro bitcoin miners in a bid to upgrade its mining fleet efficiency.

The firm said in its production update for August on Thursday that it ended the month with 5.3 EH/s at a blended efficiency of 23 J/TH after installing newly arrived bitcoin miners from previous orders and underclocking older generations of equipment for better efficiency.

The newly purchased 1,000 S21 Pro Antminers are slated for immediate delivery, HIVE added in the release but did not disclose pricing details. The move is part of the industry’s ongoing effort to improve fleet efficiency and reduce fleet hashcost as bitcoin’s hashprice remains low at $40/PH/s.

“Over the past month, we have optimized our fleet’s performance, achieving an average hashrate of approximately 5.2 EH/s by fine-tuning the firmware of our 30 J/TH machines, improving their efficiency to 27-28 J/TH,” said Aydin Kilic, HIVE’s President, and CEO. “This has led to a global fleet efficiency of approximately 23 J/TH. We plan to continue this optimization over the next nine months, upgrading our remaining 30 J/TH ASICs.”

Kilic said the ongoing optimization and the installation of newly purchased miners will increase its installed hashrate at existing facilities to 6.9 EH/s with an efficiency of 19 J/TH.

HIVE announced in July a 100 MW expansion plan in Paraguay, which is expected to energize another 6.6 EH/s of hashrate. The company estimated the construction cost to be about $56 million and expected to make preorders of S21 Pro Antminers totaling $115 million for the new site.