Hive Digital says the BTC miners it bought last December have paid for themselves.

Bitcoin (BTC) Miner Hive Digital Technologies last year's move to acquire a fleet of Bitmain miners has already paid for itself, as Bitcoin's price has skyrocketed as a result.

In a Dec. 8 statement, Hive Digital wrote that it had been acquiring miners since the FTX crash.

276.3 Bitcoins mined from ASIC and GPU mining, representing an average of 66.7 Bitcoins per Exahash, an average of 9.2 BTC per day, ended the month at 4.18 EH/s mining capacity,… pic.twitter.com/4pWYah2NfD

— HIV Digital Technologies (@HIVEDigitalTech) December 7, 2023

Hive purchased a total of 3,750 Bitmain S19J rigs on December 22, 2022, President and COO Aydin Kilic said, adding that the group has upgraded its software stack to accommodate the new rigs.

S19J miners were top-of-the-line ACIC rigs in 2022, but have since been succeeded by S19Ks, which boast lower power consumption levels than their predecessors.

“Since the fall of FTX in November 2022, which marked Bitcoin's entry into a year-long bear market, HIV has taken advantage of the new generation ASIC at $/TH prices.”

In total, since the FTX crash, Hive Digital has purchased 29,000 ASICs, with two separate purchases of 9,800 Bitmain S19k Pro miners announced on November 14th and December 4th of this year.

“Approximately 29,000 ASICs were purchased at an average price of $13.70/TH,” wrote Hive Digital, describing the purchase price as attractive while the machines averaged 26 J/TH output.

Hive Digital said it has seen the efficiency of its global fleet of recently acquired miners rise to 28.9 J/TH by the end of December 2023 with an expected operational hash rate of 4.8 EH/s.

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Hive also reported that it produced 276.3 bitcoins from ASICs and GPUs in November 2023, representing an average of 66.7 bitcoins per Exahash.

Bitcoin is up more than 160% this year since January 1, leading to huge gains among miners, many of whom have struggled through a particularly difficult crypto winter since late 2021 and running into 2022.

Bitcoin is currently trading at $43,400, up 9.8% over the past seven days, according to Cointelegraph price data.

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