Irish Tech Company HIVE Strikes Gold, Mining Over 3,000 Bitcoins in 2023

"HIVE's Steady Growth: Irish Bitcoin Mining Company Maintains 1% Global Network Share in 2023, Mining 9 Bitcoin Daily"

HIVE, a prominent player in the global Bitcoin mining network, has successfully maintained approximately 1% of the network throughout the year 2023. This achievement has been made possible by consistently increasing its hashrate, which has kept pace with the overall growth of the Bitcoin mining network. As a result, HIVE has been able to mine an average of around 9 Bitcoin per day in 2023, accumulating a total of 3,260 Bitcoin for the calendar year.

The Bitcoin mining network has witnessed the entry of more efficient ASIC machines in 2023, as they compete for the 900 new Bitcoin that are mined daily. HIVE’s network hashrate has also experienced significant growth, starting the year at approximately 2 EH/s and reaching around 4 EH/s by the end of 2023. This expansion has been accompanied by a 100% increase in Mining Difficulty1, as reported by www.blockchain.com, from January 1 to December 31, 2023. These developments have enabled HIVE to maintain its share of approximately 1% of the total Bitcoin rewards mined in 2023.

At the conclusion of the 2023 calendar year, HIVE boasted a cash position of approximately $17 million and held 1,704 BTC. The company’s HODL (Hold On for Dear Life) strategy aims to retain its Bitcoin holdings until the upcoming Halving, which is expected to occur in April 2024. After the Halving, the number of new Bitcoin mined per day will decrease to 450, leading to potential scarcity and increased value.

In other news, HIVE has provided an update on its acquisition of Bitmain S19k Pro Antminers. All 9,800 units ordered by the company have been shipped, with approximately 70% already installed. It is anticipated that the remaining miners will be installed by the end of January 2024, resulting in HIVE possessing 4.8 EH/s of ASICs with an average fleet efficiency of 28.7 J/TH.

Furthermore, HIVE has announced the purchase of 7,000 Bitmain S21 Antminers, as disclosed in a news release on December 21, 2023. The installation process for these miners will commence in January 2024 and is expected to be completed by June 2024. Once fully operational, HIVE’s average fleet efficiency will improve to 25 J/TH, and its total active mining capacity will reach 5.6 EH/s.

HIVE’s consistent performance in maintaining a significant share of the global Bitcoin mining network, coupled with its strategic acquisitions and HODL approach, positions the company for continued success in the evolving cryptocurrency landscape.

Martin Reid

Martin Reid

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