Cryptocurrency mining company Hive Digital purchases 7,000 Antminer S21 miners from Bitmain
Posted: December 22, 2023 11:25 AM Updated: December 22, 2023 11:26 AM
Correction and fact check date: December 22, 2023, 11:25 AM
briefly
Hive Digital has acquired 7,000 Antminer S21 machines from Bitmain to improve mining efficiency and profitability ahead of Bitcoin halving.
Cryptocurrency mining company Hive Digital Technologies announced that it has acquired 7,000 Antminer S21 machines from cryptocurrency mining server manufacturer Bitmain. This acquisition is part of the company’s ongoing strategy to improve mining efficiency and profitability, especially in anticipation of the upcoming Bitcoin halving event.
The machines are expected to ship between January and June 2024, and once installed, Hive Digital is expected to deliver an average energy efficiency of 25 J/TH and compute performance of 5.8 EH/s.
The purchase of a total of 16,800 ASIC miners ordered last month is part of the company’s plan to expand production to 8EH/s by 2024. Hive Digital, a data center operation specialist, is actively contributing to the decentralized digital economy by combining its expertise. Bitcoin mining to advance Web3, AI, and high-performance computing (HPC).
Earlier this year, the company reported that the roughly 29,000 ASIC miners it purchased last year (with a total hash rate of 3.35EH/s) fully paid for itself, taking energy costs into account.
Bitmain Miners Dominate the Bitcoin Mining Landscape
Bitcoin miners are essential pieces of hardware designed to solve complex mathematical problems, contributing to the verification of transactions on the Bitcoin network and the creation of new blocks on the blockchain.
Bitmain’s Antminer S21 model, launched this year, has garnered significant attention with daily profitability reaching USD 23.63, resulting in a net profit of USD 18.58 after deducting electricity costs. The expected monthly profit is USD 565.35, or USD 6,785 per year.
In a recent announcement, Bitmain revealed plans to introduce a new ‘Antminer’ line of miners tailored to Aleo, a blockchain platform focused on achieving privacy through zero-knowledge proofs. This development will allow Aleo users to mine Aleo coins, contributing to the security and growth of the network.
The strategic acquisition of Hive Digital Technologies underscores the company’s position on preparation for the Bitcoin halving event, putting the company at the forefront of shaping the evolving landscape of cryptocurrency and blockchain technology.
disclaimer
In accordance with the Trust Project Guidelines, the information provided on these pages is not intended and should not be construed as legal, tax, investment, financial or any other form of advice. It is important to invest only what you can afford to lose and, when in doubt, seek independent financial advice. We recommend that you refer to the Terms of Use and help and support pages provided by the publisher or advertiser for more information. Although MetaversePost is committed to accurate and unbiased reporting, market conditions may change without notice.
About the author
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
more articles
alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
more articles