HIVE Blockchain - Frank Holmes, Executive Chairman.
Frank Holmes, Executive Chairman.
Source: HIVE Blockchain.
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  • August production totalled 268.9 BTC and 1,394 ETH
  • Bitcoin mining capacity increased to 2.28 Exahash in September
  • 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$4.67

HIVE Blockchain Technologies (HIVE) has provided production figures from its Bitcoin and Ethereum mining operations for September 2022.

As of September 30, the company holds a balance of 3,350 Bitcoin and 356 Ethereum.

September 2022 production figures:

  • 268.9 Bitcoin Produced from ASIC mining operations; 2.28 Exahash of Bitcoin mining capacity at the end of September, with an average hashrate of 2.21 Exahash of Bitcoin mining capacity during the month from ASIC mining operations, with an average of 121.7 Bitcoin per Exahash
  • 1,394 ETH produced
  • 6.59 Terahash average of Ethereum mining capacity during September, while Ethereum mining was active. As a result of the ETH proof-of-stake merge on September 15 (hereafter the “Merge”), HIVE’s GPU hashrate was shifted to proof-of-work (“POW”) mineable coins, which has been set up to pay out in Bitcoin 
  • Our GPUs mined an additional 15.8 Bitcoin from September 16th until September 30th.

Frank Holmes, Executive Chairman of HIVE, commented on the results.

“Using our returns on invested capital from the Ethereum mining business, which had higher gross mining margins than the Bitcoin mining business, HIVE expanded our Bitcoin mining ASIC hashrate and daily production, thus allowing us to grow our Bitcoin HODL to over 3,300 BTC. The Company has sold substantively all of its Ethereum. In September, we produced an average of 13.2 Bitcoin Equivalent per day, comprised of approximately 9.0 BTC per day and GPU production of approximately 4.2 Bitcoin per day.”

Mr. Holmes added,

“I am tremendously pleased with HIVE’s pivot from being one of the largest Ethereum miners to now becoming a first-class Bitcoin miner, consistently ranking with the highest Bitcoin per Exahash monthly production figures amongst our peers. HIVE has successfully used its Ethereum operations to fund and help build out our company’s global Bitcoin mining operations. Our plans are to continue expanding our sustainable green energy Bitcoin mining and seek out new growth opportunities throughout this bear cycle. Furthermore, I am very pleased with HIVE’s growth of Bitcoin ASIC hashrate over the last year.”

Over the years, HIVE has been pivoting its business, as well as its digital asset treasury, into a central focus on Bitcoin and Bitcoin mining. In April 2020, HIVE acquired the Lachute facility in Quebec, Canada and commenced its operations with access to 30MW of sustainable power. HIVE continued its growth in Canada with the completion of another acquisition in April 2021 of a 30MW site in New Brunswick, which was expanded to 50MW of operating capacity in December 2021 and is now further expanded into 70MW of operating capacity. Both these sites mine Bitcoin exclusively using ASICs. As a result of these acquisitions and expansions to the Bitcoin mining business, HIVE’s ASIC hashrate has grown over 200% since July 2021, at which time the Company’s hashrate was approximately 700 PH/s, and today it is 2.3 Exahash. HIVE is further projected to grow our ASIC hashrate by over 1 Exahash with incoming deliveries of contracted ASICs in the next 3-4 months. In calendar Q1 2023, HIVE expects its Bitcoin ASIC hashrate to be upwards of 3.4 Exahash.

HIVE Historical Monthly Hashrate Growth

Aydin Kilic, President & 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 figures.” Mr. Kilic continued, “We also would like to provide an update on the Bitcoin and Ethereum equivalency, where one can equate the value of the coins produced daily.”

“As such, the Ethereum that HIVE produced during the month of September, up until the merge, equated on a daily basis, is approximately equal to a monthly total of 111.7 BTC, which we refer to as Bitcoin Equivalent. This is in addition to the 268.9 Bitcoin produced from our Bitcoin mining operations during September, for a total of 396.3 Bitcoin Equivalent.”

The company’s total Bitcoin Equivalent production in September 2022 was:

  • 396.3 BTC Equivalent produced;
  • 13.2 BTC Equivalent produced per day on average; and
  • 2.63 Exahash of BTC Equivalent Hashrate (BTC hashrate plus equivalent BTC GPU Hashrate) as of September 30), comprised of 2.28 Exahash of ASIC BTC hashrate and 0.34 Exahash of GPU BTC Hashrate.

As of October 11, HIVE is producing an average of over 10 Bitcoin per day from ASIC and GPU production.

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$4.67.


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