HIVE Blockchain - Executive Chairman, Frank Holmes.
Executive Chairman, Frank Holmes.
Source: U.S. Global Investors.
Market Herald logo


Be the first with the news that moves the market
  • May 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
  • Hive Blockchain (HIVE) Stock opened trading at C$5.33

HIVE (HIVE) has provided a production update.

May 2022 production

  • 273.4 BTC
  • 2.15 exahash of Bitcoin mining capacity at beginning of May
  • Increased to 2.18 Exahash of Bitcoin mining capacity at end of May
  • 2,694 ETH produced
  • 6.26 Terahash of Ethereum mining capacity at beginning of May
  • Increased to 6.26 Terahash of Ethereum mining capacity at end of May

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

“We are pleased to report in May HIVE continued its strong momentum in expanding our hashrate, notably our Bitcoin mining hashrate grew by 8 per cent this month, through installations and electrical upgrades. In May we produced an average of 8.8 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,

“Our operational team continuously strives for excellence, ensuring that as we scale our hashrate as a company we also optimize our uptime, to ensure maximized 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. The ETH that HIVE produced during the month of May, equated on a daily basis, is approximately equal to a monthly total of 185.8 BTC, which we refer to as Bitcoin equivalent or BTC equivalent. This is in addition to the 273.4 BTC produced from our Bitcoin mining operations during May, for a total of 459.2 Bitcoin equivalent.”

Total Bitcoin equivalent production in May 2022:

  • 459.2 BTC Equivalent produced
  • 14.8 BTC Equivalent produced per day on average
  • 3.4 Exahash of BTC Equivalent Hashrate (BTC hashrate plus equivalent ETH Hashrate as of May 31)

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 4.6 per cent during the month of May. 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$5.33.

More From The Market Herald

Top 5 cryptocurrencies to buy in Canada in 2023

Investors are keen to identify the best crypto assets to buy and potentially realize venture-style returns.

Hut 8 still bullish after August production and operations update

Diversified Bitcoin stock Hut 8 Mining (TSX:HUT) reported on Tuesday that it had mined 103 bitcoin in August 2023.

WonderFi subsidiary plans to acquire CoinSmart client accounts

WonderFi (TSX:WNDR) subsidiary Bitbuy Technologies Inc. is proposing to purchase all client accounts of Simply Digital Technologies Inc.