Hive Sees 10% Increase in January Bitcoin Production Numbers
Hive Blockchain Technologies LTD
- 1.87 EH/s Bitcoin mining capacity
- 264 BTC mined
- 2,043 total BTC on hand as of 1/31
Hive Blockchain Technologies LTD released their January production numbers showing an increase in Bitcoins mined despite the growing network difficulty. The company mined a total of 264 BTCs at an average of 8.9 BTC per day.
Hive’s Executive Chairman, Frank Holmes, was pleased to see that HIVE was able to expand their Bitcoin hashing power despite the network difficulty increases. With an average of 8.5 BTC mined per day in January, and a new average of 8.9 BTC as of mid-February, the company increased their hashing power by about 10% month-over-month (BTC prices corrected for).
Even though Hive reported higher numbers for the month, the company did report that cold winter months can cause reduced production as several sites are suffering from energy curtailment. Due to the cold temperatures, Quebec mandates reduced power expenditures in order to provide adequate power for heating homes. This limits the energy available to Quebec-based facilities thus reducing the overall hashrate for the company.
2021 End of year results
Hive also announced the financial results of the final quarter in 2021. The results showcased a 397% increase in revenue compared to the year prior. It also marks a 30% increase from the third quarter.
The company reported a gross value of $168 million on its liquid BTC and ETH holdings. The gross value represented an 11x growth from 2020. The company ended the year holding 1,813 Bitcoin and 23,290 ETH.
The report also referenced the company’s decision to hold onto its BTC and ETH holdings. Hive made a conscious decision to hold and accumulate their mined assets. This has turned out to be a much more profitable endeavor, with Hive’s CFO, Darcy Daubaras, stating
“HIVE’s modest equity fundings were done at prevailing market prices or premiums to the stock price, and this has helped us generate the highest robust returns on invested capital relative to our peers.”
The full financial report can be found here.