Bitcoin production continues to get tougher for crypto miners, with Hive Blockchain (TSXV: HIVE) noting in its February update this morning that mining difficulty increased 9% over the course of the month, following a 15% increase in January. Nevertheless, the firm managed to improve its daily production rate over the course of the month.
Bitcoin production for Hive totaled 250 BTC for the month of February, down slightly from the 260 produced in January as a result of the short month. Bitcoin production per day improved from 8.4 BTC to that of 8.9 BTC, while the firms hashrate climbed from 2.68 EH/s to that of 2.81 EH/s.
That hashrate is expected to continue to climb in coming months, with an addition 645 BuzzMiners slated to be installed over the course of the next two months.
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“Our team has focused on profitability, with 25% gross mining margins in our recent fiscal quarter for the 3 months ending December 31, 2022. We seek to optimize our profit from gross mining margins, on a monthly basis, by optimizing the efficiency of our operating fleet, and strategically curtailing or grid balancing. As a result, our average cost of power globally was 3.4 cents per KWHR in our recent fiscal quarter,” commented Frank Holmes, Executive Chairman of Hive.
The company reportedly has 2,365 bitcoin in holdings, after selling 267.7 bitcoin during the month of February for proceeds of $6.6 million.
Hive Blockchain last traded at $3.78 on the TSX Venture.
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