HIVE Blockchain Mined 4,752 BTC, Here’s Why More Production Expected in 2023

Crypto mining firm HIVE Blockchain on Monday reported an increase in Bitcoin production in 2022. The crypto mining firm achieved increased numbers due to the smooth acquisition of 3,570 Bitmain S19j Pro mining machines at discounted prices. Additionally, HIVE has received and installed 1,423 of its HIVE BuzzMiner Bitcoin miners powered by Intel Blockscale chips.

HIVE Blockchain Increases Bitcoin Production in 2022

In its latest production update on January 9, HIVE Blockchain reported an 18% increase in Bitcoin production in 2022. The company mined crypto assets worth 4,752 BTC. The company also takes advantage of the bear market to buy mining rigs at discounted prices.

HIVE Blockchain produced 213.8 BTC in December. In addition, it earned $3.15 million in energy price hedging and grid balancing strategy revenue.

While other crypto mining companies faced financial problems in 2022 due to crypto winter, HIVE Blockchain improved its global efficiency with the acquisition of 3570 Bitmain S19j Pro machines. Furthermore, HIVE has received and installed 1423 of its HIVE BuzzMiner Bitcoin miners, powered by Intel Blockscale, out of the total production quantity of 5800 HIVE BuzzMiners.

“Notwithstanding the foregoing, as HIVE’s global fleet of ASIC and GPU miners expanded, HIVE’s production of crypto mined with green energy outpaced the increase in Bitcoin Network Difficulty.”

With the installation of Intel is new mining chips, Hive Blockchain will increase Bitcoin mining efficiency and lower the average cost of Bitcoin production.

Frank Holmes, Executive Chairman of HIVE, believes the company will be able to further increase its profits and bitcoin production after receiving all 5,800 HIVE BuzzMiners by the end of January 2023. The company has 2,348 Bitcoins in its treasury, valued at $38 million.

HIVE shares are up 5% at $1.90 during pre-market hours on Monday.

Can the mining industry recover?

The crypto market has seen a massive recovery in the last 24 hours. Bitcoin price breaks above $17K, while Ethereum price breaks above $1.3K in the last 24 hours. Other cryptocurrencies such as Solana and Cardano also contributed to the rally. Metaverse tokens witnessed particular upside momentum, with many tokens recording double-digit gains.

The cryptomining industry could also recover if prices maintain the bullish momentum and Bitcoin prices continue a rally, marking the end of the bear market.

also read: The main reasons why the crypto market is rising today

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge of Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and currently covers all the latest updates and developments in the crypto industry.

The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.