HIVE Blockchain Produces More BTC in March 2022 Despite Increasing Mining Difficulties
HIVE Blockchain Technologies Ltd., a listed company crypto mining company, has announced that it produced 282 Bitcoin in March 2023 from ASIC and GPU mining. The numbers are visibly higher than February’s results, when HIVE churned out 250 BTC.
HIVE Blockchain will mine more Bitcoins in March 2023
The increase in production took place despite the understanding of the difficulty of mining cryptocurrencies. Difficulty on the Bitcoin network increased to 46.8 trillion during March, reaching an all-time high. Consequently, Bitcoin mining difficulty ended the month about 9% higher than at the beginning of the month.
The company’s current BTC balance is approximately 2,310 and it produced an average of 9.1 BTC per day last month. The company has received over 5,600 BuzzMiners in its data centers, all of which are operational. In addition, HIVE ended the month with 3.36 EH/s of mining capacity, including ASIC and GPU BTC hash rate, selling all Bitcoin earned from GPU mining hash rate payouts.
Although the number of Bitcoins in inventory is falling for the second month in a row, HIVE is increasing its production capabilities. Consequently, it sells cryptocurrencies to cover its ongoing business costs and additional investments. In February, the crypto miner produced BTC at a monthly average of 2.75 EH/s compared to January’s average hash rate of 2.38 EH/s.
HIVE is ramping up mining operations at a time when rival Argo Blockchain, another publicly traded digital asset miner, announced a drop in production last month. Argo Blockchain mined 161 Bitcoin or Bitcoin equivalents in March, or 5.2 BTC per day, representing a 10% decrease from the 5.7 BTC per day produced in February 2023.
Meanwhile, Marathon Digital Holdings, Inc., which also operates in the mining industry, achieved a new milestone by mining 825 BTC, representing an increase of 21% on a monthly basis. This was largely attributed to a significant increase in the hash rate, which rose 64% last quarter to 11.5 EH/s. As a result, the company set a new record by producing 2,195 BTC during the three-month period ending March 31.
HIVE ends 2022 with higher BTC production
By 2022, HIVE was able to generate a larger amount of BTC with a year-on-year increase of 18%, resulting in an output of 4,752 BTC. Despite obstacles such as a decline in profitability and growth mining difficulties due to the prolonged cryptocurrency winter, the company saw this increase as modest.
However, during the fourth quarter of the same year, HIVE experienced a loss of $90 million, representing a 143% increase from the previous quarter’s loss of $37 million. This was accompanied by a significant decline in revenue by 51.6% YoY to $14.1 million, which HIVE attributed to various factors such as the Ethereum merger, the prolonged cryptocurrency winter, increasing mining difficulties and falling crypto prices.
HIVE Blockchain Technologies went public in 2017 as the first cryptocurrency mining company to go public on the TSX Venture Exchange, which also focused on sourcing green energy.
HIVE Blockchain Technologies Ltd., a listed company crypto mining company, has announced that it produced 282 Bitcoin in March 2023 from ASIC and GPU mining. The numbers are visibly higher than February’s results, when HIVE churned out 250 BTC.
HIVE Blockchain will mine more Bitcoins in March 2023
The increase in production took place despite the understanding of the difficulty of mining cryptocurrencies. Difficulty on the Bitcoin network increased to 46.8 trillion during March, reaching an all-time high. Consequently, Bitcoin mining difficulty ended the month about 9% higher than at the beginning of the month.
The company’s current BTC balance is approximately 2,310 and it produced an average of 9.1 BTC per day last month. The company has received over 5,600 BuzzMiners in its data centers, all of which are operational. In addition, HIVE ended the month with 3.36 EH/s of mining capacity, including ASIC and GPU BTC hash rate, selling all Bitcoin earned from GPU mining hash rate payouts.
Although the number of Bitcoins in inventory is falling for the second month in a row, HIVE is increasing its production capabilities. Consequently, it sells cryptocurrencies to cover its ongoing business costs and additional investments. In February, the crypto miner produced BTC at a monthly average of 2.75 EH/s compared to January’s average hash rate of 2.38 EH/s.
HIVE is ramping up mining operations at a time when rival Argo Blockchain, another publicly traded digital asset miner, announced a drop in production last month. Argo Blockchain mined 161 Bitcoin or Bitcoin equivalents in March, or 5.2 BTC per day, representing a 10% decrease from the 5.7 BTC per day produced in February 2023.
Meanwhile, Marathon Digital Holdings, Inc., which also operates in the mining industry, achieved a new milestone by mining 825 BTC, representing an increase of 21% on a monthly basis. This was largely attributed to a significant increase in the hash rate, which rose 64% last quarter to 11.5 EH/s. As a result, the company set a new record by producing 2,195 BTC during the three-month period ending March 31.
HIVE ends 2022 with higher BTC production
By 2022, HIVE was able to generate a larger amount of BTC with a year-on-year increase of 18%, resulting in an output of 4,752 BTC. Despite obstacles such as a decline in profitability and growth mining difficulties due to the prolonged cryptocurrency winter, the company saw this increase as modest.
However, during the fourth quarter of the same year, HIVE experienced a loss of $90 million, representing a 143% increase from the previous quarter’s loss of $37 million. This was accompanied by a significant decline in revenue by 51.6% YoY to $14.1 million, which HIVE attributed to various factors such as the Ethereum merger, the prolonged cryptocurrency winter, increasing mining difficulties and falling crypto prices.
HIVE Blockchain Technologies went public in 2017 as the first cryptocurrency mining company to go public on the TSX Venture Exchange, which also focused on sourcing green energy.
