HIVE Blockchain - Executive Chairman, Frank Holmes.
Executive Chairman, Frank Holmes.
Source: U.S. Global Investors.
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  • June production totalled 273.4 BTC and 2,6947 ETH
  • Bitcoin mining capacity increased to 2.18 Exahash in May
  • 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$5.33

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

As of July 6, the company holds a balance of 3,239 Bitcoin and 7,667 Ethereum.

June 2022 production

  • 278.5 BTC produced
  • 2.17 Exahash of Bitcoin mining capacity at beginning of June
  • Increased to 2.24 Exahash of Bitcoin mining capacity during the month of June, and 2.0 Exahash at the end of June some miners were temporarily taken offline and are the process of being swapped out for higher efficiency miners and layout optimization
  • 2,542 ETH produced
  • 6.26 Terahash of Ethereum mining capacity at beginning of June
  • 6.0 Terahash of Ethereum mining capacity at end of June

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

“HIVE is experienced in managing the recent volatility since we were the first digital asset mining company to go public in 2017 and have experienced both price surges and massive downdrafts or crypto winters before and have strived to maintain a strong balance sheet of Bitcoin and Ethereum which is completely unlevered.

In June, we produced an average of 14.0 Bitcoin Equivalent per day, comprised of approximately 9.0 BTC per day and our Ethereum production. We are pleased to note that as of today, we are producing approximately 9.4 BTC a day in addition to approximately 90 Ethereum per day. We are seeing the ‘Great Unwind’ of highly leveraged Proof of Stake fin-tech companies that represented themselves as modern crypto lending platforms. This unwind is causing selling pressure in the crypto markets at large. We see how the abuse of leverage without regulation, which is endemic in Proof of Stake projects, causes volatility. We believe imprudent ‘crypto cowboys’ have created a situation akin to the Long Term Capital Management LP (LCTM) crisis of 1998, yet this time without a Federal Reserve to bail them out.”

It reminds of 2017 during the ICO craze when tokens were launched only to crash and burn in 2018 and the last crypto winter ended Feb 2019. These cycles are filled with innovation and aggressive players. We are cautious, seeking out opportunities and remain firm in our belief that Bitcoin and Ethereum will survive to thrive again after all the over-leveraged players are forced out of business.

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.

We also would like to provide an update on the BTC and ETH equivalency, where one can equate value of the coins produced daily. As such the ETH that HIVE produced during the month of June, equated on a daily basis, is approximately equal a monthly total of 142.3 BTC, which we refer to as Bitcoin equivalent or BTC equivalent. This is in addition to the 278.5 BTC produced from our Bitcoin mining operations during June, for a total of 420.8 Bitcoin equivalent.”

The company’s total Bitcoin equivalent production in June 2022:

  • 420.8 BTC Equivalent 
  • 14.0 BTC Equivalent produced per day on average
  • 3.2 Exahash of BTC Equivalent Hashrate (BTC hashrate plus equivalent ETH Hashrate) as of June 30)

The Bitcoin network difficulty ended the month 1 per cent lower than the beginning of the month. The Ethereum network difficulty increased and decreased by margins of approximately 4% during June. 

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$4.20.

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