HIVE Pledges 1,565 Bitcoin for Miner Purchases to Continue Slashing Hashcost
HIVE transferred 1,565 BTC to Bitmain as equipment deposits during the second quarter, as the bitcoin mining firm continued to reduce its fleet hashcost with new capacity coming online in Paraguay.
In its quarterly earnings report on Friday, HIVE said it purchased 16,560 of Bitmain’s S21+ Antminers in April, totaling 3.57 EH/s, with a call option to acquire another 15,000 S21+ Hydro miners within a year.
The deal follows HIVE’s December purchase of 8.6 EH/s worth of S21+ Hydro Antminers, which are scheduled to be energized at facilities it acquired from Bitfarms in Paraguay.
Under the agreement, HIVE can pay for equipment deposits in bitcoin and retains the option to repurchase that bitcoin in the future at the price on the date the deposit was made.
During the last quarter, HIVE exercised an option to repurchase 86 BTC at a strike price of $88,000, preserving the upside as bitcoin’s price hovers around $100,000. It also transferred 1,565 BTC as a deposit for additional equipment purchases and received a corresponding repurchase option.
These transactions highlight shifting dynamics in the mining hardware market, as institutional demand cools and manufacturers offer more favorable terms to buyers—a sharp contrast to the hefty equipment premiums of previous bull markets.
HIVE’s ongoing hardware upgrades coincided with the energization of its Paraguay facility, which lowered all-in power costs across sites in Europe, Canada, and South America, while increasing bitcoin production by 39% quarter over quarter.
According to TheEnergyMag’s estimates, HIVE’s fleet hashcost fell to $34.5/PH/s in the last quarter, down from $45.9/PH/s in Q4 2024 and $39.2/PH/s in Q1 2025.
