- April production totalled 268.8 BTC and 2,537 ETH
- Bitcoin mining capacity increased by 8 per cent to 2.15 Exahash in April
- HIVE Blockchain Technologies mines for Bitcoin and Ethereum with facilities in Canada, Sweden and Iceland
- Hive Blockchain Stock opened trading at C$1.95
HIVE (HIVE) has provided a production update.
April 2022 production
- 268.8 BTC
- 2.0 exahash of Bitcoin mining capacity at beginning of April
- Increased to 2.15 Exahash of Bitcoin mining capacity at end of April
- 2,537 ETH produced
- 6.1 Terahash of Ethereum mining capacity at beginning of April
- Increased to 6.26 Terahash of Ethereum mining capacity at end of April
Frank Holmes, Executive Chairman of HIVE commented on the results.
“We are very pleased to report HIVE has continued its strong momentum in hashing power expansion, notably our Bitcoin mining hash power grew by 8 per cent this month, through ongoing optimizations and electrical upgrades. In April we produced an average of 9.0 BTC per day, and we are pleased to note that as of today, we are producing approximately 9.2 BTC a day even after the recent difficulty increase of 5.5 per cent.”
Aydin Kilic, President & COO of HIVE added,
“We continue to strive for operational excellence, ensuring that as we scale our hashrate as a company we also optimize our uptime, to ensure ideal Bitcoin and Ethereum output figures. Mr. Kilic continued, “We also would like to provide an update on the BTC and ETH equivalency, where one can equate the value of the coins produced daily. As such the ETH that HIVE produced during the month of April, calculated on a daily basis, is approximately equal to a monthly total of 189.5 BTC, which we refer to as Bitcoin equivalent or BTC equivalent. This is in addition to the 268.8 BTC produced from our Bitcoin mining operations during April, for a total of 458.3 Bitcoin equivalent”
Total Bitcoin equivalent production in April 2022:
- 458.3 BTC Equivalent produced
- 15.3 BTC Equivalent produced per day on average
- 3.4 Exahash of BTC Equivalent Hashrate (BTC hashrate plus equivalent ETH Hashrate as of April 30)
The company will be at 6.2 Exahash BTC equivalent hashrate in one year, based on contracted monthly deliveries of ASIC and GPU hardware (with deposits in place), up from 3.4 Exahash of BTC equivalent hashrate today.
The company has been consistently receiving ASIC and GPU deliveries monthly and is hopeful this to continue on schedule. However, the supply chain challenges that have faced the world for the past 2 years have not ended, with lockdowns continuing to take place in China which is a source of a great deal of the world’s manufacturing. HIVE has carefully endeavoured to balance sustainable growth of its data center infrastructure to optimize the incoming ASIC and GPU hardware orders so that we have maximum operating hashrate and the best efficiency in Bitcoin per Exahash amongst industry peers.
The Bitcoin network difficulty increased as much as 5.5 per cent and similarly the Ethereum network difficulty increased as much as 5 per cent during the month of April. These factors impact our gross profit margins.
HIVE Blockchain Technologies mines for Bitcoin and Ethereum with facilities in Canada, Sweden and Iceland.
Shares of Hive Blockchain Technologies Ltd. (HIVE) opened trading at C$1.95.