Aurelia Butler

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    in Cryptocurrency

    HIVE Digital Technologies Reports August 2024 Production of 112 Bitcoin and 1% HODL Growth to 2,533 Bitcoins, Acquires 1,000 Bitmain S21 Pro

    August 2024 Highlights:Strategic HODL Increase:HIVE emphasizes that with a Bitcoin HODL value exceeding $164 million as of August 31, 2024, the Company’s enterprise value remains compelling compared to industry peers.Executive Insights:Frank Holmes, Executive Chairman, commented, “We remain focused on our strategy of maintaining the lowest G&A expenses per Bitcoin mined, maximizing cash flow return on invested capital, and achieving high revenue per employee while minimizing share dilution. Our disciplined approach, supported by a global team operating across nine time zones, positions HIVE as one of the leanest Bitcoin mining operations with an attractive EV to EBITDA multiple, holding over 2,500 clean and green Bitcoin on our balance sheet.”Aydin Kilic, President and CEO added, “Over the past month, we have optimized our fleet’s performance, achieving an average hashrate of approximately 5.2 EH/s by fine-tuning the firmware of our 30 J/TH machines, improving their efficiency to 27-28 J/TH. This has led to a global fleet efficiency of approximately 23 J/TH. We plan to continue this optimization over the next nine months, upgrading our remaining 30 J/TH ASICs. This will increase our installed hashrate at existing facilities to 6.9 EH/s with a blended fleet efficiency of 19 TH/s.”He further noted, “To support this strategy, we have acquired 1,000 Bitmain S21 Pro Antminers for immediate delivery to upgrade our existing suite of equipment. Additionally, we have purchased 300 Bitmain S19 XP miners to fully utilize available rack space at our Lachute facility. These machines were purchased and installed in August.”With this monthly rolling upgrade strategy, HIVE’s updated target hashrate is projected to reach 13.5 EH/s, with a global blended fleet efficiency of 16.9 J/TH upon the completion of the Paraguay facility. This will be achieved while maintaining our green energy strategy, which prioritizes the use of hydroelectricity to power our data centers.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/5335/222206_15585eaa148f4a0e_0001full.jpg More

  • 113 Shares149 Views

    in Economy

    Does the US have anything to learn from Europe?

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  • 38 Shares199 Views

    in Economy

    All about chips

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    in Economy

    Why the EU economy gives Mario Draghi ‘nightmares’

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  • 88 Shares169 Views

    in Economy

    China’s new back doors into western markets

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  • 113 Shares149 Views

    in Economy

    Why the US can’t launch a green Marshall Plan

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  • 125 Shares119 Views

    in Economy

    China’s Xi courts African leaders to ward off geopolitical rivals

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  • 138 Shares99 Views

    in Economy

    Fed’s Daly says rate cuts needed to keep labor market healthy

    (Reuters) – The Federal Reserve needs to cut interest rates to keep the labor market healthy, but it is now down to incoming economic data to determine by how much, San Francisco Fed President Mary Daly said on Wednesday. “As inflation falls, we’ve got a real rate of interest that’s rising into a slowing economy; that’s a basic recipe for over-tightening,” Daly told Reuters in an interview. Labor market health, she said, has to be “sustained and protected, and we have to be very mindful that if policy is overly tight, you might get additional slowing in the labor market, and to my mind, that would be unwelcome.” So far, though, the labor market has softened but is still healthy, she said. Daly and her colleagues are widely expected to cut interest rates at their upcoming policy meeting, on Sept. 17-18. The Fed raised borrowing costs rapidly in 2022 and 2023 and has held the policy rate in the 5.25%-5.50% range for more than a year to bring down inflation. Most analysts expect the Fed to stick to a quarter-point rate cut at the September meeting, though analysts are keenly awaiting the U.S. Labor Department’s August monthly employment report, due on Friday, for any sign of further job market softening that could trigger a bigger Fed response. Financial markets earlier on Wednesday added to bets on an upsized half-point rate cut this month after government data showed U.S. job openings in July fell to the lowest level in three and a half years, and the ratio of job openings to job seekers – a metric of labor market tightness — is now below the pre-pandemic average. To Daly, however, the report showed a labor market that is in balance but not weak.”It’s hard to really find evidence that it’s even faltering,” she said. Wages are growing faster than inflation and workers are still finding jobs. And while businesses tell Daly that they are being “frugal” with hiring, they are not “dusting off their layoff manuals,” she said. The Fed reserves “aggressive” moves for times when the outlook is certain, she said – for instance, the 2020 pandemic shutdowns, which triggered the Fed’s decision to slash rates to near zero. The current outlook is less certain, Daly said, adding that as she talks to people in the communities she visits, they still name inflation as their number one concern. “We do not have price stability,” she said. With inflation still running above the Fed’s 2% goal, “we have to continue to assert downward pressure on it.”As for how big a rate cut is needed, “We don’t know yet, right?” Daly said. “We have a labor market report, we have a CPI report, we have all of our contact information — I’m in the midst of collecting all this information,” adding that she’ll also need to discuss the data with her staff and her policymaking colleagues. “I want more time to do all the work that’s needed to do to make the best decision.” The Fed needs to keep the labor market about where it is now, with an expectation it will continue to expand, Daly said, “if people are going to regain some of the losses from the high inflation period, and also if we’re going to get to this place and people go look back and say, ‘Okay, we got inflation down, gently, without breaking the economy.’ That’s the goal.” More