HIVE Blockchain Technologies (HIVE) reports October 2022 Production of 307 Bitcoins

by Arthur · November 7, 2022

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HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) is pleased to announce the production figures from the company’s global Bitcoin operations for the month of October 2022, with 307 Bitcoins produced and a BTC HODL balance of 3,311 Bitcoins as of November 5, 2022.

Summary overview:

HIVE has a strong balance sheet, with approximately $70 million USD in Bitcoin, and no expensive loans against equipment such as ASICs or GPU chips or digital assets.
HIVE owns all its ASICs and GPUs, with clear title; there are no debt processing payments associated with any of our digital assets or crypto mining hardware.
HIVE has produced 307 Bitcoin in the month of October, from ASIC and GPU mining, representing an average of 115 Bitcoin Per Exahash.
HIVE has received all 140 PH/s of its Micro BT M30S++ miners which are in the process of being installed (currently about 80 PH/s are installed).
HIVE expects to receive over 1 Exahash of the HIVE Intel Bitcoin ASIC miners projected growth in the next 3-4 months with scheduled deliveries.

October 2022 Production figures

HIVE is pleased to announce the October 2022 production figures and mining capacity:

262 Bitcoin Produced from ASIC Mining;
2.38 Exahash of Bitcoin mining capacity at the end of October, with an average hash rate of 2.28 Exahash of Bitcoin mining capacity during the month of October from ASIC mining, with an average of 115 Bitcoin per Exahash;
Another 45 Bitcoins were mined by our GPUs in October.

Frank Holmes, Executive Chairman of HIVE stated: “We are very happy to produce over 300 Bitcoin per month, which is about 1% of the global network, even when network difficulties are at an all-time high. We have sold all our Ethereum -holding. In October, we produced an average of 9.9 Bitcoin per day.”

Mr. Holmes further stated, “I am very pleased with HIVE’s Bitcoin ASIC hashrate growth over the past year, without taking on the risk of expensive equipment financing or Bitcoin-backed loans. Most of the mining industry is plagued with loans and debt, where either is their Bitcoin balance encumbered, or the ASIC hardware they purchased has expensive debt attached to it.The exploitation of assets during the bull market is causing great stress to our peers in the mining industry as asset values have corrected to the bear market HIVE has maintained a strong position and followed a steady growth as our Bitcoin mining footprint expands, without expensive high-risk debt and without encumbering or pledging any of our Bitcoin assets.”

Aydin Kilic, President and COO of HIVE noted: “We continue to strive for operational excellence, ensuring that as we scale our hashrate, we also optimize our uptime, to ensure ideal Bitcoin output numbers.”

Mr. Kilic continued, “Our fleet of GPUs now uses a unique algorithm to mine altcoins, which are exchanged for Bitcoin, therefore HIVE only earns and takes custody of Bitcoin. This month our GPU fleet produced 45 BTC. This comes in in addition to 262 Bitcoins produced from our Bitcoin ASIC mining operations during October, for a total of 307 Bitcoins produced.”

The company’s total Bitcoin production in October 2022 was:

307 BTC Produced
9.9 BTC produced per day on average
2.77 Exahash of BTC Hashrate (Bitcoin ASIC hashrate plus Bitcoin GPU hashrate) as of October 31, consisting of 2.38 Exahash of Bitcoin ASIC hashrate and 0.39 Exahash of Bitcoin GPU hashrate, with a monthly average of 2.67 Exahash , which is equal to 115 Bitcoin Exahash.

HIVE Current Bitcoin Production

As of November 2, HIVE is producing an average of over 9.5 Bitcoins per day from ASIC and GPU production, consisting of over 8 Bitcoins per day from our ASIC fleet and over 1 Bitcoin per day from our GPU fleet.

The company has received 140 PH/s from MicroBT M30S++ miners. These machines are partially installed with approx. 66 PH/s remaining at press time. It is expected that this will increase HIVE’s ASIC hashrate to approximately 2.44 Exahash during the month of November once installed. In addition to the GPU-based mining yielding the equivalent of 0.39 Exahash of Bitcoin hashrate, HIVE’s expected total Bitcoin hashrate from ASICs and GPUs will be over 2.7 Exahash by the end of November.

Bitcoin HODL Update

The company notes that the balance of Bitcoin has grown in the last fiscal quarter, where at the end of June 30, 2022, HIVE had 3,231 Bitcoin, and as of November 5, 2022, HIVE has 3,311 Bitcoin, with a market value of over $70 million. USD.

The company notes that this increase in Bitcoin treasury comes at a time when the company has completed investment commitments for ASIC and infrastructure growth. The company believes that a sound financial management strategy with a long-term aim of protecting the balance against market volatility and building value for shareholders is of central importance in the cryptomining industry.

Difficulties in network mining

Network difficulty factors are a significant variable in the company’s gross profit margins. The difficulty of the Bitcoin network saw a total increase of 17% during the month of October. Consequently, Bitcoin mining difficulty had increased significantly for the month of October compared to the month of September.