Hive Blockchain (TSXV: HIVE) this morning was one of the several crypto mining firms that released November 2021 production data. The firm managed to mine 218 bitcoin during the month of November, along with 2,334 ethereum.
While production for the month was said to be strong, figures were down from the firms best-ever month of October 2021, when they produced 234 bitcoin and 2,591 ethereum. The shortfall was a result of network mining difficulty increases, with the bitcoin network seeing difficulty increase 5%, while ethereum increased as much as 8%, thereby lowering monthly production figures.
Further, while production may have been down, on a revenue basis, results were up. The company indicated it generated US$13.2 million in bitcoin mining revenue, along with US$10.4 million in ethereum mining revenue, bringing the monthly total to US$23.6 million. Comparatively, October saw a figure of US$23.4 million in mining revenue.
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Finally, the firm indicated it produced a total of 389 bitcoin equivalent during the month, as compared to 405 bitcoin equivalent in October.
Hive Blockchain last traded at $4.38 on the TSX Venture.
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