Business News Report
December 22, 2023

Crypto Mining Company Hive Digital Purchases 7,000 Antminer S21 Mining Machines from Bitmain

In Brief

Hive Digital acquired 7,000 Antminer S21 machines from Bitmain to improve mining efficiency and profitability ahead of Bitcoin Halving.

Crypto Mining Company Hive Digital Purchases 7,000 Antminer S21 Mining Machines from Bitmain

Cryptocurrency mining company Hive Digital Technologies announced acquisition of 7,000 Antminer S21 machines from the manufacturer of cryptocurrency mining servers, Bitmain. The acquisition is part of the company’s ongoing strategy to improve its mining efficiency and profitability, particularly in anticipation of the upcoming Bitcoin Halving event.

The machines are expected to be delivered between January and June 2024, and once installed, Hive Digital’s average energy efficiency is projected to be 25 J/TH, with a computing power of 5.8 EH/s. 

This purchase, totaling 16,800 ASIC mining machines ordered last month, is part of the company’s plan to expand production to 8 EH/s by 2024. Hive Digital, specializing in data center operations, actively contributes to the decentralized digital economy by combining its expertise with Bitcoin mining to advance Web3, AI and high-performance computing (HPC).

Earlier this year, the company reported that the approximately 29,000 ASIC mining machines purchased last year, with a total hash rate of 3.35 EH/s, have fully covered their costs, taking into account energy expenses. 

Bitmain Mining Machines Dominate Bitcoin Mining Landscape 

Bitcoin mining machines are essential hardware designed to solve complex mathematical problems, contributing to the verification of transactions on the Bitcoin network and the creation of new blocks in the blockchain.

Bitmain‘s Antminer S21 model, launched this year, has gained significant interest for its daily profitability of USD 23.63, resulting in a net gain of USD 18.58 after deducting electricity costs. Projected monthly profits amount to USD 565.35, and annually to USD 6,785.

In a recent announcement, Bitmain revealed plans to introduce a new line of ‘Antminer’ mining machines tailored for 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 network’s security and growth.

Hive Digital Technologies’ strategic acquisition highlights the company’s stance on gearing up for the Bitcoin Halving event, positioning the  company at the forefront of shaping the evolving landscape of cryptocurrency and blockchain technologies.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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