Bitcoin Miner Hive Blockchain Holds $68 Million in Bitcoin and Has No Equipment Debt Costs

A production report published on Monday shows that Canadian Bitcoin miner Hive Blockchain (HIVE) has 3,311 bitcoin worth $68.8 million.

The audit also showed that Hive has no debt servicing obligations related to its digital assets or mining equipment, despite the fact that a number of its competitors are feeling the pinch of the bear market.

After a $27 million agreement fell through last week, London-based Argo Blockchain (ARB) is looking for a source of funding, and in North America, Compute North, one of the biggest operators of crypto-mining data centers, filed for bankruptcy after owing up to $500 million to at least 200 creditors. As it looks to raise money, Core Scientific has also issued a warning that bankruptcy could be in the works.

In October, Hive mined 307 bitcoin at an average rate of 115 bitcoin per exahash.

"Even though the network difficulty is at an all-time high, we are thrilled to be creating more than 300 bitcoin every month, or around 1% of the worldwide network. All of our [ether] holdings have been sold. In October, we generated 9.9 bitcoin on average every day "Frank Holmes, the executive chairman, said in the release.

Article Credit: Coin Desk

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