VANCOUVER, British Columbia, April 17, 2023 (GLOBE NEWSWIRE) — HIVE Blockchain Technologies Ltd . (TSX.V:HIVE) (Nasdaq:HIVE) (FSE:HBFA.F) (the “Company” or “HIVE”) is pleased to announce the production figures from the Company’s global Bitcoin operations for the month of March 2023, with 282 Bitcoins produced, and a current BTC HODL balance of approximately 2,310 (as of March 31, 2023). On average, the company has continued to operate above 3 Exahash (“EH/s”) through March 2023 (all amounts in US dollars, unless otherwise stated).
Summary overview:
- HIVE produced 282 Bitcoin in the month of March 2023, from ASIC and GPU mining, representing an average of 91 Bitcoin Per Exahash, with an average hash rate of 3.09 EH/s;
- HIVE Produced an average of 9.1 BTC per day in March 2023;
- HIVE has received over 5,600 BuzzMiners in its data centers, all of which are operational as of today;
- HIVE ended the month with 3.36 EH/s mining capacity, including ASIC and GPU BTC hashrate;
- HIVE sold all Bitcoin earned from our GPU mining hashrate payouts.
March 2023 Production figures
Frank Holmes, Executive Chairman of HIVE stated: “We are very pleased to produce 282 Bitcoin while the difficulty has reached an all-time high. In addition, our average daily HPC revenue has increased by 14% on average month over month, from February to March .”
Aydin Kilic, President and CEO of HIVE noted “We have completed the implementation of our first build of HIVE BuzzMiner and we have mined with an average hash rate of over 3 Exahash for the month of March. In addition, our GPU fleet is generating approximately 16% more revenue per megawatt hour than most Bitcoin mining ASICs. We strive to mine for maximum profit, using energy as a cash flow resource.”
The company’s total Bitcoin production in March 2023 was:
- 282 BTC produced;
- 9.1 BTC produced per day on average;
- 3.36 Exahash of BTC Hashrate as of March 31, consisting of 3.06 Exahash of ASIC BTC Hashrate and 0.3 Exahash of GPU BTC Equivalent Hashrate;
- Monthly average of 3.09 Exahash, which is equal to 91 Bitcoin per Exahash, consisting of an average of 2.88 Exahash of ASIC mining capacity and average of 210 PH/s of Bitcoin GPU mining capacity during the month;
- This represents a 12% month-over-month increase in average hashrate (February was 2.75 EH/s average hashrate).
The difficulty of mining the Bitcoin Global Network is volatile
Network difficulty factors are a significant variable in the company’s gross profit margins. Bitcoin network difficulty was 43.1T as of March 1st, increasing to 46.8T as of March 31st, reaching an all-time high. Consequently, Bitcoin mining difficulty ended the month about 9% higher than the beginning of the month.
Bitcoin Network Difficulty is a publicly available statistic that reflects the total number of Bitcoin miners online and is important for analyzing a company’s gross profit margins and the number of Bitcoins produced. This data is available on many websites, here is one quote:
As more people mine Bitcoin (difficulty increases), the daily Bitcoin block reward currently set at 900 Bitcoin per day is split between more miners; thus each miner receives a smaller portion of the block reward. Conversely, when Bitcoin prices fall, many miners may lose money and shut down, thus removing their hashrate from the network, leading to a reduction in network difficulty.
Those miners with the lowest production costs; by virtue of having more efficient machinery and/or lower energy costs, are able to continue their production during these volatile cycles. Not all miners will mine continuously during the month, as a result some miners will produce less Bitcoin than expected, relative to their advertised hashrate. For the foregoing reasons, HIVE will self-limit parts of its operations if the unsecured spot energy prices are uneconomical, thereby leaving parts of its total gross hash rate unused.
All Bitcoin miners strive to use the most efficient Bitcoin ASIC chips and we are pleased that we have been able to upgrade our global fleet during this downturn in the crypto market.
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. was listed in 2017 as the first cryptocurrency mining company to be listed on the TSX Venture Exchange, which also focused on sourcing green energy.
HIVE is a growth-oriented technology share in the emerging blockchain industry. As a company whose shares are traded on a major exchange, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green energy-powered data center facilities in Canada, Sweden and Iceland, where we seek to source green energy to mine digital assets such as Bitcoin on the cloud. Since the beginning of 2021, HIVE has held in secure storage the majority of the treasury of ETH and BTC derived from mining rewards. Our shares give investors exposure to the operating margins of digital currency mining, as well as a portfolio of Bitcoin. Because HIVE also owns hard assets such as data centers and advanced multipurpose servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.
We encourage you to visit HIVE’s YouTube channel here to learn more about HIVE.
For more information and to sign up to HIVE’s mailing list, please visit www.HIVEblockchain.com. follow @HIVEblockchain on Twitter and subscribe to HIVE’s YouTube channel.
On behalf of HIVE Blockchain Technologies Ltd.
“Frank Holmes”
Executive Chairman
For more information please contact:
Frank Holmes
Phone: (604) 664-1078
Neither the TSX Venture Exchange nor its regulatory services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release
Forward-looking information
Except for statements of historical fact, this press release contains “forward-looking information” within the meaning of applicable Canadian securities laws that is based on expectations, estimates and projections as of the date of this press release. “Forward-looking information” in this press release includes, but is not limited to, business goals and objectives of the Company; the operating results for March 2023; The HODL strategy adopted by the company; acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; and other forward-looking information about the intentions, plans and future actions of the parties to the transactions described herein and the terms thereof.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the volatility of the digital currency market; the Company’s ability to mine digital currency; The Company may not be able to profitably liquidate its current digital currency holdings as needed, or at all; a material decline in digital currency prices could have a material adverse effect on the Company’s business; the volatility of digital currency prices; continued effects of the COVID-19 pandemic could have a material adverse effect on the Company’s performance as supply chains are disrupted and prevent the Company from executing its expansion plans or operating its assets; and other related risks as more fully described in the registration statement of the Company and other documents disclosed during the Company’s filings on www.sec.gov/EDGAR and www.sedar.com.
The forward-looking information in this press release reflects the company’s current expectations, assumptions and/or beliefs based on information available to the company. In connection with the forward-looking information in this press release, the company has made assumptions about the company’s goals, objectives or future plans, the timing of these and related matters. The company has also assumed that no significant events occur outside the company’s normal operations. Although the Company believes that the assumptions contained in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and, accordingly, such information should not be relied upon due to the inherent uncertainty therein. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
