HIVE Digital Technologies reported a decrease in Bitcoin production in February, mining 89 BTC down from 102 in January. This drop was influenced by an 18% fall in Bitcoin price and high mining competition. Despite the decline, HIVE’s holdings grew, and the company remains committed to expansion and enhancing its high-performance computing business.

In February, HIVE Digital Technologies, a publicly traded Bitcoin miner, experienced a monthly production decline, mining 89 BTC compared to 102 BTC in January. This decrease aligns with broader industry challenges, including record-high mining difficulty and rising competition that negatively impacts profit margins. Contributively, Bitcoin’s price fell by over $18,000 (18%), decreasing to $84,000 during the same month.

Despite the reduction in production, HIVE managed to maintain an average mining capacity of 5.6 Exahash per Second (EH/s), totaling 2,620 BTC in holdings valued around $220 million at February’s closing price. Year-over-year, HIVE’s Bitcoin holdings increased by 23%. Notably, the company sold some Bitcoin in February to finance capital investments, including the purchase of a 200 MW hydro-powered mining facility in Paraguay.

Aydin Kilic, President and CEO of HIVE, stated the company’s commitment to becoming a leading Bitcoin miner, mentioning, “We are focused on executing a transformative year that positions HIVE as one of the largest and most efficient Bitcoin miners in the world.” The firm is on track to expand its capacity significantly, aiming for a hashrate increase from 6 EH/s to 25 EH/s by September 2025.

Additionally, HIVE is advancing its high-performance computing division, reporting a $13 million annualized revenue run-rate from its GPU fleet, with expectations to reach $20 million by Q2 2025. To spearhead this growth, Craig Tavares has been appointed as President and Chief Operating Officer of Buzz HPC, targeting a $100 million revenue goal in the division.

As Bitcoin fluctuated near the critical support level of $80,000, the drop in price has also impacted other cryptocurrency miners. Cipher Mining Inc. mined about 180 BTC in February, down from 219 in January, while MARA Holdings, Inc. saw declines of 6%, producing 706 BTC as opposed to 750 BTC the previous month. Canaan Inc. reported mining 82 BTC in February, a decrease from 88 in January.

In conclusion, HIVE Digital Technologies has faced production declines in February, correlating with decreased Bitcoin prices and intense competition within the industry. Despite this, the company has strategically increased its Bitcoin holdings and is focused on significant expansion efforts. Additionally, HIVE continues to develop its high-performance computing segment, aiming for substantial revenue growth in the near future. The overall trend indicates ongoing challenges for Bitcoin miners as market conditions fluctuate.

Original Source: www.tradingview.com

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