HIVE Digital Technologies, the publicly listed Bitcoin miner from Wall Street (NYSE: HIVE), reported lower crypto output in November while announcing significant expansion plans to triple its mining capacity by mid-2025.
The Wall Street Bitcoin miner’s November production represents a decline from 117 Bitcoin mined in October, though its total holdings grew 67% year-over-year to 2,713 BTC, valued at approximately $261 million at month-end.
HIVE maintained an average hashrate of 5.3 EH/s in November, with daily production averaging 3.42 Bitcoin. The company’s mining fleet operated at an efficiency rate of 22.3 joules per terahash, reaching peak performance of 5.7 EH/s.
Frank Holmes, Executive Chairman of HIVE
“November has been a monumental month for HIVE, marking a significant step in our journey to capture 2% of the global Bitcoin network,” commented Frank Holmes, the Executive Chairman of HIVE. “This expansion underscores our team’s commitment to efficient, eco-conscious operations and positions us strongly for sustainable long-term growth while maximizing cash flow return on invested capital.”
HIVE has become the eighth Wall Street-listed miner to report a decline in Bitcoin production for November. Earlier, at the end of last week, Core Scientific (NASDAQ: CORZ) announced a drop in self-mined Bitcoin from 369 to 314.
What is causing these declines among the largest miners? After all, Bitcoin’s price has risen to $100,000, reaching a new all-time high in November. The primary reasons remain increasing competition and rising mining difficulty, which correlate with higher hash rates and increased costs.
The negative trend in November was broken only by MARA Holdings, the largest miner by market cap and Bitcoin reserves. The company, led by Fred Thiel, managed to mine 254 BTC, a 27% increase compared to October.
Wall Street Bitcoin Miner Plans Major Fleet Expansion
In an additional announcement, HIVE unveiled plans to boost its operations through two major equipment purchases significantly:
- 11,500 Avalon ASIC miners from Canaan Inc.
- 8.6 EH/s of Bitmain S21+ Hydro machines
Aydin Kilic, President & CEO of HIVE
“We expect to reach 15 EH/s of global hashrate capacity with a blended fleet efficiency of 17 J/TH upon full execution and installation our Canaan and Bitmain orders,” added Aydin Kilic, HIVE’s President and CEO. “These strategic orders position HIVE with one of the most efficient Bitcoin ASIC mining fleets in the industry, significantly reducing our Bitcoin production costs and increasing our operating margin.”
This expansion aims to reach 15 EH/s of total mining capacity by summer 2025, potentially generating over $300 million in annual revenue and $200 million in mining margin at current rates.
