Hive Produces 250 Bitcoin In February, Daily BTC Production Climbs To 8.9

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.

READ: Silvergate: Circle, Paxos, Gemini And Others Follow Coinbase’s Lead By Dropping Bank

“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.


Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

Hive Blockchain Buys 6,500 Bitcoin Miners, Expects Hashrate To Increase By 585 PH/s

HIVE Blockchain Technologies Ltd. (TSXV: HIVE) announced today the purchase of 6,500 bitcoin miners. The...

Thursday, October 21, 2021, 10:41:16 AM

Hive Blockchain Sees Digital Currency Mining Income Grow 97.4% Quarter Over Quarter

Hive Blockchain Tech (TSXV: HIVE) last night filed its second quarter financial results, reporting revenues...

Tuesday, December 1, 2020, 08:16:04 AM

Hive Blockchain To Change Nasdaq Symbol to ‘HIVE’

HIVE Blockchain Technologies Ltd. (TSXV: HIVE) announced today that it will start trading on the...

Monday, September 13, 2021, 08:11:32 AM

By The Numbers: Bitcoin Miners Are Burning Cash On Each Coin Mined

The trouble with bitcoin, is that it doesn’t make economical sense to mine it. With...

Wednesday, November 23, 2022, 03:44:47 PM

Hive Blockchain Produces 425 Bitcoin Equivalent In January 2022

HIVE Blockchain Technologies Ltd. (TSXV: HIVE) shared today its production results for January 2022. The...

Friday, February 4, 2022, 09:36:00 AM