HIVE Produces 4% Less BTC in February as Mining Difficulty Surpasses 40 Trillion

Mining

HIVE Blockchain Applied sciences (HIVE), a publicly-listed crypto mining agency, has launched its Bitcoin (BTC) manufacturing figures for February 2023, reporting a 4% drop within the variety of the foremost digital forex mined. The agency produced 250 BTC final month in comparison with 260 BTC mined in January. Nevertheless, the February manufacturing is 17% greater than the 214 BTC produced in December 2022.

The lower in HIVE’s BTC manufacturing comes as mining issue continues to chunk tougher, leaping from a 39.4 trillion document firstly of February 2023 to an all-time excessive of 43.1 trillion on February twenty eighth. In different phrases, miming issue elevated by 9% in the course of the month.

As well as, HIVE produced a BTC HODL steadiness of two,340 BTC final month, which is a 4% lower from 2,430 BTC steadiness it held in January. Nevertheless, HIVE stated it now has roughly 2,365 BTC with a market worth of over $56 million as of Thursday (March 2nd). The agency, which went public in 2017, additionally famous that it bought a complete of 267.7 BTC in February, producing whole internet proceeds of $6.6 million.

Regardless of the elevated mining issue within the Bitcoin community in February, HIVE stated it managed to extend its total hashrate by 16% month-over-month. Hashrate is a measurement of the pace at which a cryptocurrency mining system operates. The crypto miner produced BTC at a month-to-month common of two.75 exahash per second (EH/s) in February 2023 in comparison with January’s 2.38 EH/s common hashrate. The February hashrate interprets to 91 BTC per Exahash, HIVE stated.

“We’re repeatedly trying to optimize our allocation of power as a useful resource. This month we didn’t promote power again to the grid, however moderately elevated our working hashrate as this was essentially the most worthwhile working mode,” Aydin Kilic, HIVE’s President and Chief Govt Officer, famous in a press release.

HIVE Produces Extra BTC in 2022

In the meantime, HIVE produced 4,752 BTC in 2022, which is an 18% year-on-year improve. The corporate described the output as a “modest” soar in manufacturing regardless of rising mining issue and declining profitability amidst a chronic cryptocurrency winter final yr.

Nevertheless, over the past quarter of 2022, HIVE reported a $90 million loss, which is a 143% improve from the $37 million loss posted in the course of the prior quarter. The crypto miner’s income additionally slumped by 51.6% year-over-year to $14.1 million on the finish of final yr. HIVE blamed the shrink in income on The Ethereum Merge, extended cryptocurrency winter, rising mining issue and tumbling crypto costs.