The company's mining production numbers show a significant increase month over month, adding to the company’s growing bitcoin holdings. Executive Chairman of HIVE, Frank Holmes, expressed his satisfaction with the production results by stating:
We are very pleased to report HIVE has continued its strong momentum in expanding our Bitcoin hashing power even as the network difficulty rose. As of today, we are producing approximately 8.8 BTC a day. Our Bitcoin hashing power increased in December and at the calendar year-end our hashrate was 1.7 Exahash, which translated into a 12% increase in BTC mining on a month over month basis, while BTC prices corrected.
Hive mines both BTC and ETH but uses BTC as its unit of account to give a blended total hashrate and coins mined in BTC terms. It calls these figures BTC equivalent (for total blended coins mined) and BTC equivalent hashrate (for the blended total Bitcoin and Ethereum mining hashrates). The company mined 423 BTC equivalent with bitcoin accounting for 245 BTC and the rest being ETH while the BTC equivalent hashrate was 2.6 EH/s of which bitcoin only mining hashrate accounted for 1.7 EH/s.
The December numbers bring the total annual production of HIVE to 1,768 BTC and the company now holds a total of 1,813 BTC. In contrast, Hive chose to sell some of its ETH to pay for chip upgrades as well as its entire ETC holdings which it had mined earlier in the year. The company mined 3,222 BTC equivalent in 2021 with the additional inclusion of ETC into this metric.
Source: Hive Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. was the first public cryptocurrency mining company to integrate sustainability through green energy. The company went public in 2017 and has continued to invest in sustainable bitcoin and cryptocurrency mining production. It’s based out of Toronto Canada, with multiple locations across the world.