- HIVE produced 260 Bitcoin in the month of January from ASIC and GPU mining operations, representing an average of 110 Bitcoin Per Exahash
- HIVE earned US$180,000 in income from balancing the grid, in addition to Bitcoin produced in January
- HIVE deployed over 6,700 ASIC miners in its data centers, representing one of the largest upgrades in the company’s history
- HIVE expects to receive an additional 645 BuzzMiners in the next 2 months
- HIVE Blockchain Technologies provides infrastructure solutions in the blockchain industry, including the mining of digital currencies
- Shares of Hive Blockchain Technologies Ltd. (HIVE) opened trading at C$4.83
HIVE Blockchain Technology (HIVE) has announced production figures from the company’s global Bitcoin operations for the month of January 2023.
The company produced 260 Bitcoin in January, plus US$180,000 of income from grid balancing, and a current BTC HODL balance of approximately 2,430 Bitcoin mined with green energy, representing approximately 20 per cent year-over-year growth.
The company notes its year-over-year monthly production in January 2023 remained consistent, despite a period where BTC mining difficulty has gone up approximately 60 per cent.
Additionally, HIVE does not have any equipment financing or BTC-backed loans.
Summary:
- HIVE produced 260 Bitcoin in the month of January from ASIC and GPU mining operations, representing an average of 110 Bitcoin Per Exahash. A 21 per cent month-over-month increase compared to December 2022
- HIVE’s year-over-year monthly Bitcoin production was consistent during a period where the Bitcoin network difficulty increased by approximately 60 per cent.
- HIVE earned US$180,000 in income from balancing the grid, in addition to Bitcoin produced in January. Based on the daily Bitcoin prices during the month of January, the income from grid balancing would equate to a mined value of 10 Bitcoin.
- HIVE deployed over 6,700 ASIC miners in its data centers, one of the largest upgrades in the company’s history, to improve gross mining margin and fleet efficiency.
- HIVE has deployed over 3,200 BuzzMiners in its facilities in Sweden and Canada. These miners are from the 5,655 BuzzMiners manufactured, tested, and received to date.
- HIVE has fully deployed all the 3,570 S19j Pro miners acquired in December 2022 into our New Brunswick and Lachute facilities. As a result of in-house software improvements by HIVE’s technical team, we further increased our efficiency at our New Brunswick site by approximately 20 per cent in average J/TH efficiency.
- HIVE expects to receive an additional 645 BuzzMiners in the next 2 months, representing a total production quantity of 6,300 BuzzMiners powered by the Intel Blockscale ASIC for the initial production run. HIVE is the first company in the world to commercially deploy thousands of its own Bitcoin ASIC miners powered by the Intel Blockscale ASIC.
- HIVE sells all of the Bitcoin earned from our GPU mining hashrate, with a focus on HODL, the green Bitcoin mined from ASICs.
January 2023 production figures:
- 260 BTC produced
- 8.4 BTC produced per day on average
- 2.68 Exahash of BTC Hashrate as of January 31, 2023, comprising 2.52 Exahash of ASIC BTC hashrate and 0.16 Exahash of GPU BTC Hashrate (the GPU fleet was curtailed to earn income for grid balancing) as of January 31st
- Monthly average of 2.37 Exahash, which is equal to 110 Bitcoin per Exahash, comprised of an average of 2.28 Exahash of ASIC mining capacity and an average of 90 PH/s of Bitcoin GPU mining capacity during the month
Bitcoin HODL update:
HIVE currently has approximately 2,430 Bitcoin, with a market value of over US$56 million.
Network difficulty factors are a significant variable in the Company’s gross profit margins. The Bitcoin network difficulty was 34.1T as of January 1, 2023, and increased to 39.4T as of January 31, 2023. Accordingly, Bitcoin mining difficulty ended the month about 15% higher than at the beginning of the month.
The Bitcoin Network Difficulty is a publicly available statistic that reflects the total number of Bitcoin miners online and is important in analyzing a company’s gross profit margins and the number of Bitcoin produced.
All Bitcoin miners are striving to use the most efficient Bitcoin ASIC chips, and we are happy that we have been able to upgrade our global fleet during this crypto market downturn.
The company has terminated its at-the-market equity distribution agreement under which the company had the option to sell up to US$100 million of common shares of the company at its discretion. Under ATM Equity Program, the company issued 1,306,474 common shares for gross proceeds of US$3,941,736.
HIVE Blockchain Technologies is in the business of providing infrastructure solutions in the blockchain industry, including the mining of digital currencies.
Hive Blockchain shares price opened trading at C$4.83.