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Friday, Jun 2, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Hive Blockchain numbers aren’t chilly during the crypto winter

Factor in that Bitcoin is presently trading at $23,082.61 and Ethereum is trading at $1,692.69.

Hive blockchain
Photo by regularguy.eth on Unsplash

Hive Blockchain Technologies (TSXV:HIVE) released the production numbers from its global bitcoin and ethereum mining operations for the month of July, 2022, ending with a balance of 3,091 bitcoin and 6,820 ethereum as of August 4, 2022.

The crypto winter is in full swing and while today is a bit of a warm period, as Bitcoin and Ethereum are up 8.1 per cent and 39.1 per cent respectively this month, there’s still no getting over the fact that both of these key cryptocurrencies are down substantially from where they were this time last month. That’s not great if you’re looking to get into crypto right now, but it does represent a significant opportunity if you’re looking to get involved with a crypt-adjacent company, like Hive.

“We continue to strive for operational excellence, ensuring that as we scale our hashrate, we also optimize our uptime, to ensure ideal Bitcoin and Ethereum output figures. We also would like to provide an update on the BTC and ETH equivalency, where one can equate value of the coins produced daily. As such the ETH that Hive produced during the month of July, equated on a daily basis, is approximately equal a monthly total of 185.2 BTC, which we refer to as Bitcoin Equivalent or BTC Equivalent. This is in addition to the 279.9 BTC produced from our Bitcoin mining operations during July, for a total of 465.1 Bitcoin equivalent,” said Aydin Kilic, president and COO of Hive.

Hive went public in 2017 as the first crypto-miner with a green energy and ESG strategy. Hive runs data centers in Canada, Sweden and Iceland, where it uses only green energy to mine both Ethereum and Bitcoin on the cloud. Since early 2021, the company has held the majority of its ETH and BTC mining rewards in secure storage. This company’s value proposition is relatively unique to the cryptocurrency sector in that shareholders enjoy the benefits of exposure to the operating margins of digital currency trading, as well as a portfolio of crypto like ETH and BTC. Investors get exposure to the proceeds of the cryptocurrency space through the company’s use of multi-use servers and data centers, so even if crypto goes down, as long as Hive is producing energy, there’s money to be made.

Hive Blockchain July production numbers:

Factor in that Bitcoin is presently trading at $23,082.61 and Ethereum is trading at $1,692.69.

Hive is pleased to announce its July 2022 production figures and mining capacity:

  • 279.9 BTC Produced
  • 2.2 Exahash of Bitcoin mining capacity at beginning of July
  • Increased to 2.26 Exahash of Bitcoin mining capacity during the month of July, with an average hashrate of 2.03 Exahash of Bitcoin mining capacity during the month of July
  • 2,957 ETH Produced*
  • 5.77 Terahash of Ethereum mining capacity at beginning of July, some miners were taken offline temporarily for layout optimization due to higher summer temperatures
  • 6.49 Terahash of Ethereum mining capacity at end of July, with an average hashrate of 6.19 Terahash of Ethereum mining capacity during the month of July

The company’s production of ethereum from GPU mining has so far yielded a total of 2,957 ETH.

The Company’s total Bitcoin Equivalent production in July 2022 was:

  • 465.1 BTC Equivalent Produced
  • 15.0 BTC Equivalent produced per day on average
  • 3.77 Exahash of BTC Equivalent Hashrate (BTC hashrate plus equivalent ETH hashrate) as of July 31), with average hashrate of 3.36 Exahash of BTC Equivalent hashrate throughout July

“In July we produced an average of 15.0 Bitcoin Equivalent per day, comprised of approximately 9.0 BTC per day and our Ethereum production of approximately 95 Ethereum per day. We are pleased to note that as of today, we are producing approximately 10 BTC a day in addition to approximately 95 Ethereum per day,” Frank Holmes, executive chairman of Hive.

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