HIVE Blockchain Technologies, a publicly-traded company that specializes in cryptocurrency mining, has revealed its mining outcomes for March 2023. The company has accomplished an impressive feat by generating 282 Bitcoin through its ASIC and GPU mining operations. This is a significant improvement from the previous month’s results, where HIVE mined a total of 250 BTC.
Better Crypto Mining Results
The company has managed to increase its cryptocurrency production despite the acknowledged difficulty that comes with mining. In the month of March, the Bitcoin network difficulty hit a record high of 46.8 trillion, resulting in a 9% rise in Bitcoin mining difficulty by the end of the month.
The company currently holds approximately 2,310 BTC, with an average production of 9.1 BTC daily for the previous month. All 5,600 BuzzMiners located in its data centers are fully operational, and HIVE concluded the month with a mining capacity of 3.36 EH/s, which includes ASIC and GPU BTC hash rate. Additionally, the company has successfully sold all Bitcoin earned from its GPU mining hash rate payouts.
Despite the consecutive decline in Bitcoin inventories over the past two months, HIVE has been actively increasing its output capabilities. Consequently, the company has been selling cryptocurrencies to meet its ongoing business expenses and drive further investment. In February, the crypto miner achieved an impressive monthly average hash rate of 2.75 EH/s, showcasing an upward trend from January’s 2.38 EH/s average.
HIVE Peaks 2022 BTC Production
In 2022, HIVE demonstrated remarkable growth in BTC production, achieving an 18% year-on-year increase and generating a total of 4,752 BTC. Despite facing several challenges such as declining profitability and a prolonged cryptocurrency winter leading to increased mining difficulty, HIVE considered this growth to be modest.
However, in the fourth quarter of the same year, the company suffered a significant loss of $90 million, representing a 143% increase from the previous quarter’s loss of $37 million.
This was accompanied by a substantial decrease in revenue by 51.6% YoY, amounting to $14.1 million, which HIVE attributed to various factors such as the Ethereum Merge, prolonged cryptocurrency winter, rising mining difficulty, and falling crypto prices.