HIVE Blockchain Minted 4,752 BTC. Here’s Why More Production is Expected in 2023
HIVE Blockchain, a crypto mining company, reported Monday that there was an increase in Bitcoin production for 2022. The quick acquisition of 3,570 Bitmain S19jPro mining machines at discounted rates led to increased numbers for the crypto-mining company. HIVE also installed 1,423 HIVE BuzzMiner Bitcoin miners that are powered by the Intel Blockscale chip.
HIVE Blockchain Increases Bitcoin Production in 2020
HIVE Blockchain announced an 18% increase of Bitcoin production in 2022 in its latest production update, which was posted on January 9. The company mined crypto assets worth 4,752 BTC. The company also uses the bear market to purchase mining rigs at reduced prices.
HIVE Blockchain generated 213.8 BTCs during December. It also earned $3.15 million from its energy price hedging strategy and grid balancing strategy.
HIVE Blockchain increased its global efficiency by purchasing 3,570 Bitmain S19j pro machines, a move that came as a relief to other crypto mining companies facing financial difficulties in 2022 because of crypto winter. HIVE also installed 1,423 HIVE BuzzMiner Bitcoin miners powered by Intel Blockscale out of 5,800 total HIVE BuzzMiners.
“Notwithstanding the above, HIVE’s global fleet ASIC and GPU miners grew, and HIVE’s output crypto mined with green electricity, outpaced the Bitcoin Network Toughty increase.”
Hive Blockchain, Intel’s latest mining chips, will increase Bitcoin mining efficiency as well as lower the average price of Bitcoin production.
Frank Holmes, Executive Chairman at HIVE, believes that the company will be able increase profits and production of bitcoins after it has received all 5,800 HIVE BuzzMiners before the end of January 2023. The company has 2,348 Bitcoin in its Treasury, valued at $38 Million.
The HIVE share price increased 5% to $1.90 on Monday during pre-market hours.
Can the Mining Industry Recover?
In the last 24 hours, the crypto market experienced a huge recovery. Bitcoin prices have risen to $17K while Ethereum has risen to $1.3K in the past 24 hours. The rally was also supported by other cryptocurrencies like Cardano and Solana. Metaverse tokens saw special upside momentum with many tokens recording double digit gains.
If prices maintain the bullish momentum, the crypto mining industry will be able to recover. Bitcoin prices will continue to rally, which would mark the end of the bear markets.
Also read: Top Reasons Why the Crypto Market Is Rising Today
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