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In December, Hive made money equivalent to 184 bitcoins by reducing its energy consumption.

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In December, Hive made money equivalent to 184 bitcoins by reducing its energy consumption.


Hive Blockchain (HIVE), a Canadian bitcoin miner, earned $3.15 million, or the equivalent of around 184 bitcoin, in December despite mining 213.8 BTC for the month. 

In order to deal with market pressures that have led to some of the largest names in the sector declaring for Chapter 11 bankruptcy, miners have begun reducing their power use during periods of peak energy demand and selling the electricity back to the grid. 

Hive mines other tokens using a combination of machines designed specifically for mining bitcoin, called application-specific integrated circuits (ASIC), and general-purpose graphics processing units (GPU). After mining the alternative currency, the miner converts them to bitcoin.

The monthly productivity of Hive decreased by around 20%, or 50 BTC. Hive's grid balancing operations, however, more than made up for the deficit, according to its December report, which was made public on Monday. 

Along with the larger crypto market, the price of Hive shares increased 2.2% in pre-market trading on the day. 

Additionally, the mining business put into operation its first self-designed machines employing Blocksale processors from Intel (INTC). A total of 5,800 of the so-called Buzzminers, totaling 620 petahash/second (PH/s) of processing capacity, will be sent by the end of January, according to Hive, which has already installed 1,423. 

Hive mined 4,752 BTC in total throughout 2022, an increase of 18% from the previous year.

Article credit: CoinDesk

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