HIVE Blockchain mined 3146 BTC in a year

In 2022, the mining company HIVE Blockchain mined 3146 BTC. The total volume of production of digital assets by the firm for the period in terms of bitcoin was 4752 BTC.

The indicator increased by 18% compared to the previous year. The company noted that they achieved this against the backdrop of an increase in the complexity of mining the first cryptocurrency by 46%.

In December, HIVE generated 213.4 BTC, including 1.4 BTC from its fleet of graphics processing units (GPUs).

The company also generated $3.15 million in revenue from the sale of electricity to balance the grid. Due to the shutdown of the GPU for this purpose, the HIVE hashrate at the end of the month was 2.06 EH/s, compared to the November average of 2.51 EH/s.

HIVE also reported that it has received and installed 2,050 Antminer S19j Pro miners in recent weeks from a batch of 3,570 units.

The company also deployed 1,423 HIVE BuzzMiners powered by the Intel Blockscale chip out of a total order of 5,800. The firm expects the units to be manufactured, tested and shipped by the end of January.

“These next-generation miners will replace aging ASIC and GPU mining hardware to increase the efficiency of bitcoin mining,” the statement said.

In the third quarter of 2022, HIVE made a strategic decision to sell off its cryptocurrency holdings to finance its expansion.

“We saw a great opportunity to expand in this depressed market, where ASIC prices have collapsed by almost 90%, while the price of bitcoin has fallen by about 70%,” said Frank Holmes, executive chairman of the company.

Purchasing equipment at significantly reduced prices, he says, gives the firm “an ideal return on investment.” The newest installations also reduce the cost of producing cryptocurrencies and increase profits, Holmes added.

HIVE noted that they do not adhere to a 100% HODL strategy, holding all mined bitcoins (like Marathon Digital or Hut 8), but also do not sell them to finance operating costs. The company’s approach is to implement digital assets when “there are attractive opportunities for scaling the business.”

HIVE reserves are 2348 BTC worth over $38 million.


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