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HIVE Boosts Bitcoin Production in First Whole Quarter Without Mining Ethereum

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HIVE Boosts Bitcoin Production in First Whole Quarter Without Mining Ethereum


Despite the prolonged crypto winter and the suspension of its Ethereum mining activities, the cryptocurrency miner HIVE Blockchain increased its Bitcoin production in the final three months of 2017. 

In the three months that ended on December 31, 2022, the Vancouver-based company mined 787 additional Bitcoin, up 13% from the previous year. The corporation attributed the increased productivity to the completion of its data center in New Brunswick in a statement.

Miners like HIVE have continued to create more Bitcoin despite the low Bitcoin prices and rising mining difficulty. 

For instance, mining company Riot Platforms claimed a new record high in BTC production last month.

Despite the higher production, HIVE's income for the quarter was only $14.3 million, or less than half of the $29.6 million it made over the previous three months. 

Following the protocol's switch to proof of stake in September through a procedure known as the "Merge," the results represented HIVE's first complete quarter without any Ethereum mining revenues.

HIVE reported a net loss of $90.4 million for the quarter as a result of a number of reasons, including the Merge and a decline in cryptocurrency prices.

HIVE controls headwinds

Executive chairman Frank Holmes maintained his optimism despite the setback. This is due to the fact that the business is getting set to introduce its HIVE Performance Cloud (HPC), a platform for enhanced cloud computing using green energy. 

The debut of this product is planned for the second quarter of 2023, and according to Holmes, it may attract customers from industries other than blockchain, even from the fastest-growing AI market.

Yet, he said, "Our HPC approach, which has taken longer to roll out, is currently growing rapidly on a month-over-month basis. We are sad to see the greater margin from mining Ethereum disappear."

The data span a time when many cryptocurrency miners were having financial difficulties, with companies like Compute North and Core Scientific declaring bankruptcy only previous year. In order to strengthen their balance sheets, some businesses also started selling off their Bitcoin reserves. 

HIVE, on the other hand, has raised its Bitcoin holdings by 30% year over year and will have 2,372 Bitcoin at the end of 2022.

To generate additional revenue, the corporation also employs a grid balancing method. According to the company's December report, it earned money equivalent to mining 184 Bitcoins by selling its power back to the grid during periods of high demand. 

Yet, the money from grid balancing in January of current year was only worth 10 Bitcoin.

Article Credit: Decrypt

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