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Mining revenues hit 12-month lows in August, according to Bitbo.
HIVEDigital Technologies Ltd., the Bitcoin miner from Wall Street (Nasdaq: HIVE)announced plans to construct a 100-megawatt BTC mining operation in Paraguay,aiming to double its revenue and significantly boost its hashrate capacity.
Wall Street Bitcoin MinerPlans 100MW Bitcoin Mine in Paraguay, Targets Revenue Boost
TheVancouver-based company, which specializes in green-focused data centers,intends to power the facility using clean energy from the Itaipu hydroelectricdam. This expansion is expected to increase HIVE's global Bitcoin miningcapacity from 5.6 to 12.1 exahash per second (EH/s) within the next year.
"Thisrepresents a significant milestone in our diversified growth strategy," FrankHolmes, HIVE's Executive Chairman, commented. "We are confident that thisventure can deliver healthy returns and drive long-term value, fosteringeconomic growth and innovation in the region."
Theannouncement follows meetings between HIVE executives and Paraguayan PresidentSantiago Peña, during which the company endorsed Paraguay's business-friendlyenvironment. HIVE emphasized that government stability in areas such as energypricing and taxation would be crucial for future expansion considerations.
Last week, Marathon Digital, another Bitcoin miner from Wall Street, also made headlines when it was ordered to pay $138 million to the founder of a competing mining company. Michael Ho from Hut 8 allegedly developed a growth strategy for Marathon but did not receive the appropriate compensation.
Theproposed data center is projected to generate over $100 million in US dollarrevenue for Paraguay's utility company over the next three years. HIVE plans toleverage its experience in grid balancing and demand response to supportindustrial development in the country.
Last year,the company rebranded from HVE Blockchain to Digital to reflect the evolvingnature of its business. In addition to focusing on cryptocurrency mining, thecompany expanded into high-performance computing (HPC) data centers and thegrowing trend of mass adoption of Artificial Intelligence (AI).
HIVE Digital to build data center in Paraguay, targeting higher hash rate https://t.co/231n1xc4a6 pic.twitter.com/wdQfsgtwFh
HIVE Digital Technologies (@HIVEDigitalTech) July 22, 2024HIVE Buys 500 Mining Rigs
Luke Rossy,HIVE's Chief Operating Officer, also revealed the acquisition of 500 BitmainS21 Pro Antminers, the latest in mining technology. "These units areexpected to ship this month and are integral to the Company's strategy ofcontinually upgrading its fleet while growing its HODL position," Rossyexplained.
As of July21, 2024, HIVE reported holding 2,521 Bitcoin, up from 2,496 at the end ofJune. With Bitcoin's current market value, this represents over $170 million indigital assets on the company's balance sheet.
Accordingto the latest financial report from the publicly traded miner, the companyachieved an annual revenue of $114.5 million and an adjusted EBITDA of $37.5million in the fiscal year 2024. Over the 12 months ending March 31, 2024, thecompany mined 3,123 Bitcoin and held 2,287 Bitcoin, valued at $161.3 million onits year-end balance sheet.
TheParaguay project remains subject to final agreements, due diligence, boardapproval, and regulatory clearances. HIVE stated that further details will be provided in the near future.
This article was written by Damian Chmiel at www.financemagnates.com.
HIVEDigital Technologies, a cryptocurrency mining company, certainly has reasons tobe pleased, as the last 12 months have presented a much better picture of itsoperations. After a record weak fiscal year in 2023, during which the company'srevenues fell by 50% and net losses reached $236 million, 2024 proved much more favorable, although profitability was not achieved.
HIVE Digital BalancesBitcoin Mining and AI Expansion in Fiscal 2024
The companyreported annual revenue of $114.5 million and adjusted EBITDA of $37.5 millionfor the fiscal year ended March 31, 2024. During the period, the company mined 3,123 Bitcoin and held 2,287 Bitcoin worth $161.3 million on its balancesheet at year-end.
HIVE'srevenue increased by approximately 8% comparedto the previous fiscal year, with $111.0 million generated from digitalcurrency mining and $3.4 million from its high-performance computing (HPC)business. The company achieved a gross operating margin of $40.3 million,representing a 36% operating margin.
Despitereporting a net loss of $51.2 million for the year, HIVE emphasized that thisfigure includes significant non-cash charges, such as $66.4 million indepreciation and a $6.8 million provision on sales tax receivables. The companynoted a comprehensive income of $25.0 million when factoring in a $77.3 milliongain from the revaluation of digital currencies.
"Wehave led the industry with among the lowest G&A and the lowest sharedilution while using cashflow from operations to strategically and carefullyupgrade and expand our fleet of Bitcoin mining ASICs," said Aydin Kilic,President & CEO ofHIVE. "This is possible through our dedication to maintaining highuptime, lean operations, and seeking efficiencies in all aspects of ouroperations."
Despite recordBitcoin prices in 2023, the mining company's stocks did not rise with thecryptocurrency. While they did reach two-monthhighs in March, by May they had fallen to multi-month lows again.
Higher BTC Hashrate andFocus on AI
HIVEincreased its Bitcoin mining ASIC hashrate by 57% during the fiscal year, from3.0 Exahash in March 2023 to 4.7 Exahash in March 2024. The company focused on environmental sustainability, sourcing green renewable energy forits mining operations in Canada, Sweden, and Iceland.
"Investorsshould recognize that the industry has grown to over 20 public Bitcoin miningstocks today, compared to approximately five at the last halving," FrankHolmes, Executive Chairman of HIVE, stated, highlighting the evolving landscapeof Bitcoin mining stocks and the differences between US GAAP and IFRSaccounting standards.
The companyalso reported progress in its expansion into high-performance computing tosupport artificial intelligence applications using Nvidia GPU chips, whichgenerated $7.2 million in annualized run-rate revenue by the end of the fiscalyear.
HIVEutilized at-the-market (ATM) equity programs during the year to raise capital,issuing shares for gross proceeds of C$38.1 million ($28.2 million) in thefourth quarter alone. The company stated it is using the net proceeds forpurchasing data center equipment, strategic investments, and general workingcapital.
This article was written by Damian Chmiel at www.financemagnates.com.Learn about what a decentralized physical infrastructure network and some of the projects on its ecosystem that could potentially host an airdrop.
HIVE is pleased to announce it has surpassed 8.0 Exahash per second (EH/s) of global Bitcoin mining hashrate, marking another key milestone.
HIVE Digital Technologies Ltd. is pleased to announce that it has now surpassed 7 Exahash per second (EH/s) of global Bitcoin mining hashrate.
HIVE Blockchain Technologies Limited, the Canada-based publicly-traded company that mines pioneer cryptocurrency, Bitcoin, saw its revenue plunge by roughly 50% at the end of its 2023 fiscal year ended March 31. The Nasdaq-listed firm’s revenue came in at $106.3 million, tumbling from a record-high of $211 million from the previous fiscal year.
HIVE, which released the latest financial performance figures today (Friday), said the sharp decline is “primarily due to the fall in the Bitcoin price and increase in the mining difficulty of Ethereum and Bitcoin resulting from continued growth in global mining operations.”
Tough Market Conditions Impact HIVE’s Metrics
Using application-specific integrated circuit (ASIC) miners, which are specialized computers used to solve the complex mathematical problems required to add new blocks to the Bitcoin blockchain, HIVE produced 3,258 bitcoins in the fiscal year 2023. The figure represents a 37% increase from the 2,368 BTCs the firm mined earlier in fiscal year 2022.
Despite the growth in its BTC production, HIVE suffered a net loss of $236.4 million or $2.85 loss per share during the recent fiscal year. This is a sharp turn from a net income of $79.6 million or $1.02 gain per share in 2022.
In addition, HIVE’s gross operating margin, or the percentage of revenue it retains after all costs directly related to its core business operations are deducted, came in at $50.4 million, falling 69% from $163.9 million a year earlier. The figure means that the Bitcoin miner retained 48% of its revenue, compared to 76% from the prior fiscal year.
“Gross operating margin is directly impacted by digital currency prices and network difficulties as this impacts revenue from mining operations,” HIVE explained. “The decrease is mainly attributed to the decrease in Bitcoin price and an increase in the Bitcoin network difficulty versus the prior year, combined with the company not mining Ether since the merge on September 15, 2022.”
HIVE operates blockchain data centres that utilize green energy sources to mine and secure various digital currencies. However, the negative market conditions affected the firm’s digital currency assets, which stood at $65.9 million as of March 31, 2023. During the same period last year, the company had $170 million in crypto assets.
Bitcoin's Recent Upward Trend
While BTC pulled down HIVE’s financial metrics in the recent fiscal year, the prices of the foremost digital asset have rallied in recent months, touching $30,000in early April. This was BTC’s highest market price since mid-2022.
According to CoinMarketCap, BTC currently trades at over $30,200. However, experts such as Crypto Hedge Fund Manager, Thomas Kralow, believe that the asset’s price will surge in the next 24 hours, potentially reaching $32,000. Kralow, who is the Founder of Kralow Capital, further noted that BTC whales or large investors are still buying into the current rally, indicating strong demand for Bitcoin.
#CryptoNews: Since #BlackRock ETF Filing, Bitcoin Miners Have Sent $1 Billion to Exchangeshttps://t.co/mgzHuVVSCd#Bitcoin miners have sent over $1 billion worth of #BTC to crypto exchanges in the past two weeks, according to analytics firm CryptoQuant
— CoinMarketCap (@CoinMarketCap) June 30, 2023“Additionally, we see an upward trend in Bitcoin's on-chain accumulation. After a period of lower activity, there's now less Bitcoin available on exchanges, suggesting a decrease in supply,” Kralow told Finance Magnates. “Considering the upcoming halving in 2024 and the growing interest from big investors in China, it indicates a positive long-term outlook for Bitcoin's price.”
This article was written by Solomon Oladipupo at www.financemagnates.com.
Vancouver-basedcrypto mining company HIVE Digital Technologies Ltd. (NASDAQ: HIVE) has announced an increase inits Bitcoin production capacity and holdings for the month of February 2024.
Althoughproduction indicators have increased on a monthly basis, the number of Bitcoinsmined has decreased. In January, it was 234.6 BTC, averaging 7.6 BTC per day,while in February, it was 200 BTC, averaging 6.9 BTC per day.
HIVE Digital ExpandsBitcoin Holdings, Boosts Mining Capacity
HIVE'smining operations maintained an average hashrate of 4.06 Exahash per second(EH/s) throughout February, resulting in an average production of 60.5 Bitcoinper Exahash. This performance was further bolstered by the integration ofBitmain's advanced S21 Antminers into the company's mining fleet, enhancingefficiency and reducing the cost of Bitcoin production.
As a resultof its successful mining operations, HIVE's Bitcoin holdings, or"HODL" position, grew by 10% during February, reaching 2,131 BTC bythe end of the month. At the current Bitcoin prices ($67,000 at the time ofwriting), HIVE's treasury is thus worth $143 million.
Thisstrategic HODL approach aligns with the company's anticipation of heighteneddemand for Bitcoin as an alternative asset class, particularly with the recentlaunch of Bitcoin ETFs and the upcoming Bitcoin halving event in April.
"Theseadvanced machines not only bolster our mining efficiency but also providesustainable stability by significantly reducing the cost of Bitcoin production,"HIVE's President and CEO, Aydin Kilic, said, highlighting the company'stechnological stability and commitment to sustainable growth.
As of 4March 2024, HIVE's HODL position had increased to 2,159 Bitcoin,reflecting the company's continued commitment to expanding its Bitcoinholdings.
"OurHODL strategy is to have a healthy balance sheet similar to what we had for thelast Halving event in 2020," Frank Holmes, the Executive Chairman of HIVE Digital, added.
Bitcoin Grows, but What about the Miners?
HIVEDigital is the next publicly traded miner after Argo Blockchain, which FinanceMagnates reported on this week and whose February production results were worsethan January's. This occurs as Bitcoin climbs to historic highs andcryptocurrency companies gain several hundred percent.
HIVE Digital Technologies (@HIVEDigitalTech) March 5, 2024However,this does not seem to apply to the mining industry, which fared very well onWall Street in 2023 but is losing ground in 2024. HIVE has lost 25% of its value this year on the Nasdaq, while ARGO has lost about 50%.
Despite the decrease in Bitcoin production due to maintenance on the Cottonwood substation, we expect that our realized power prices at Helios for February will be significantly lower than normal due to favorable power market conditions, said the CEO of Argo, Thomas Chippas. Lower power prices will have a beneficial impact on our mining profit, mining margin, and operating cash flow for the month.
This article was written by Damian Chmiel at www.financemagnates.com.
Hive Intensifies Bitcoin Treasury Approach Hive Blockchain Technologies is stepping up its strategy when it comes to Bitcoin holdings. The company recently announced its decision to increase its Bitcoin treasury holdings in a bid to capitalize on the digital asset’s potential for long-term growth. This move by Hive comes as Bitcoin continues to gain popularity [...]
The post Hive’s Bold Move: Embracing BTC Hodl Strategy Despite Miner Equity Dilution and Debt Reliance appeared first on Crypto Breaking News.
Coinbase, Marathon Digital and Riot Blockchain are among the SEC-registered cryptocurrency firms that would need to comply with the rules.
<p>HIVE Blockchain Technologies (HIVE), a publicly-listed crypto mining firm, has released its Bitcoin (BTC) production figures for February 2023, reporting a 4% drop in the number of the foremost digital currency mined. The firm produced 250 BTC last month compared to <a href="https://www.financemagnates.com/cryptocurrency/hive-blockchain-reports-btc-production-and-bets-od-grid-balancing/" target="_blank" rel="follow">260 BTC mined in January</a>. However, the February production is 17% higher than the 214 BTC produced in December 2022.</p><p>The decrease in HIVE’s BTC production comes as <a href="https://www.financemagnates.com/terms/m/mining-difficulty/" class="terms__main-term" id="9e325df6-c04c-4420-81ce-73de10dcf8f9" target="_blank">mining difficulty</a> continues to bite harder, jumping from a 39.4 trillion record at the beginning of February 2023 to an all-time high of 43.1 trillion on February 28th. In other words, miming difficulty increased by 9% during the month. </p><p>In addition, HIVE produced a BTC HODL balance of 2,340 BTC last month, which is a 4% decrease from 2,430 BTC balance it held in January. However, HIVE said it now has approximately 2,365 BTC with a market value of over $56 million as of Thursday (March 2nd). The firm, which went public in 2017, also noted that it sold a total of 267.7 BTC in February, generating total net proceeds of $6.6 million.</p><p>HIVE’s Hashrate Increases in February</p><p>Despite the increased mining difficulty in the Bitcoin network in February, HIVE said it managed to increase its overall hashrate by 16% month-over-month. <a href="https://www.financemagnates.com/terms/h/hash-rate/" class="terms__secondary-term" id="427967e8-9807-479a-b9d0-f5dcdee58c91" target="_blank">Hashrate</a> is a measurement of the speed at which a cryptocurrency mining device operates. The crypto miner produced BTC at a monthly average of 2.75 exahash per second (EH/s) in February 2023 compared to January’s 2.38 EH/s average hashrate. The February hashrate translates to 91 BTC per Exahash, HIVE said.</p><p>“We are continuously looking to optimize our allocation of energy as a resource. This month we did not sell energy back to the grid, but rather increased our operating hashrate as this was the most profitable operating mode,” Aydin Kilic, HIVE’s President and Chief Executive Officer, noted in a statement. </p><p>HIVE Produces More BTC in 2022</p><p>Meanwhile, HIVE <a href="https://www.financemagnates.com/cryptocurrency/hive-blockchain-increases-its-bitcoin-production-mines-4752-btc-in-2022/" target="_blank" rel="follow">produced 4,752 BTC in 2022</a>, which is an 18% year-on-year increase. The company described the output as a “modest” jump in production despite growing mining difficulty and declining profitability amidst a <a href="https://www.financemagnates.com/cryptocurrency/whats-next-for-crypto-after-the-chaos-of-2022/" target="_blank" rel="follow">prolonged cryptocurrency winter</a> last year. </p><p>However, during the last quarter of 2022, HIVE <a href="https://www.financemagnates.com/cryptocurrency/hive-blockchain-reports-90m-loss-in-q4-2022-amid-lower-bitcoin-prices/" target="_blank" rel="follow">reported a $90 million loss</a>, which is a 143% increase from the $37 million loss posted during the prior quarter. The crypto miner’s revenue also slumped by 51.6% year-over-year to $14.1 million at the end of last year. HIVE blamed the shrink in revenue on <a href="https://www.financemagnates.com/cryptocurrency/news/ethereum-merge-goes-live-eth-touches-1600/" target="_blank" rel="follow">The Ethereum Merge</a>, prolonged cryptocurrency winter, rising mining difficulty and <a href="https://www.financemagnates.com/cryptocurrency/crypto-winter-are-we-really-in-front-of-a-bear-market/" target="_blank" rel="follow">tumbling crypto prices</a>. </p> This article was written by Solomon Oladipupo at www.financemagnates.com.
Even with the recent rise in the bitcoin price, public bitcoin mining stocks start the year with more impressive gains than the asset itself.
<p>HIVE Blockchain Technologies Ltd. (<a href="https://www.financemagnates.com/tag/hive-blockchain-technologies/" target="_blank" rel="follow">TSX:HIVE</a>), a publicly-listed <a href="https://www.financemagnates.com/terms/c/crypto-mining/" class="terms__main-term" id="b7de0d78-81b9-460d-b33d-311d7d0dff0e" target="_blank">crypto mining</a> company, has published a quarterly report for the three-month period ended 31 December 2022, showing a significant decrease in digital currency production revenue of 51.6% year-over-year (YoY) to $14.1 million.</p><p>HIVE Reports Q4 Financials</p><p>According to Tuesday’s press release, Ethereum’s ‘The Merge’, prolonged cryptocurrency winter, rising mining difficulty and tumbling crypto prices were among the main reasons for the sharp yearly decrease in quarterly revenue.</p><p>HIVE was able to mine 787 BTC in the reported period, rising 13% YoY. In January, the publicly-listed miner <a href="https://www.financemagnates.com/cryptocurrency/hive-blockchain-increases-its-bitcoin-production-mines-4752-btc-in-2022/" target="_blank" rel="follow">showed an overall increase in Bitcoin production statistics for 2022</a> of 18% YoY to 4,752. However, the turbulences mentioned above cut the profit margins down effectively.</p><p>The crypto miner held $39 million in cryptocurrency assets at year-end. The company reported a significant increase in new Bitcoin production difficulty in the fourth quarter, growing 37% to $18,072 compared to $9,894 reported in the previous quarter.</p><p>The net result for the entire quarter translated to a sizable loss of $90 million, compared to the $37 million loss reported in the third quarter of the calendar year 2022. In the three months ending 30 September 2022, <a href="https://www.financemagnates.com/cryptocurrency/hive-revenues-down-45-in-q3-despite-higher-btc-production/" target="_blank" rel="follow">the company reported a 45% decrease in revenue</a>, despite the higher BTC production.</p><p>“Strategically, we have not borrowed expensive debt against our mining equipment or pledged our Bitcoins for costly loans, thus our balance sheet remains healthy to weather this storm. We believe our low coupon fixed debt; attractive green renewable energy prices and high performing energy efficient ASIC and GPU chips will help us navigate through this crypto winter,” Frank Holmes, HIVE’s Executive Chairman, commented.</p><p>Watch the recent FMLS22 panel on reimagining the crypto market structure.</p><p>Gird Balancing to Help HIVE</p><p>According to a separate report from two weeks ago, <a href="https://www.financemagnates.com/cryptocurrency/hive-blockchain-reports-btc-production-and-bets-od-grid-balancing/" target="_blank" rel="follow">HIVE was able to earn $180,000 from balancing the grid</a>, expanding its revenues from direct <a href="https://www.financemagnates.com/terms/b/bitcoin/" class="terms__secondary-term" id="261088a9-0f41-4202-a73c-31f75ba6bd93" target="_blank">Bitcoin</a> mining. The income from the last month’s grid balancing equals the mined value of approximately 10 Bitcoins.</p><p>“Through hedging our energy contracts, selling power back to the grid, and optimizing our operating capacity to focus on maximum profit per KWHR, HIVE has realized profit from mining operations this quarter,” HIVE commented in the quarterly results press release.</p><p>Optimizing energy allocation allows HIVE to boost hashrate numbers or generate additional revenue by returning the resources to the grid. </p><p>Crypto Miners Closed a Strong Year</p><p>HIVE's yearly BTC production statistics coincide with similar numbers published by another publicly-listed crypto company, Bitfarms, which showed a <a href="https://www.financemagnates.com/cryptocurrency/bitfarms-ends-2022-with-50-increase-in-btc-mining/" target="_blank" rel="follow">49,6% YoY increase in Bitcoin mining</a> from 3,453 in 2021 to 5,167 in 2022.</p><p>However, the rising mining statistics failed to compensate for declines in the major asset prices, leading to a sharp drop in overall revenues. They slumped by 37.5% to $9.55 billion in 2022, which was <a href="https://www.financemagnates.com/cryptocurrency/why-bitcoin-miners-made-6-billion-less-in-2022/" target="_blank" rel="follow">$6 billion lower than in the record-breaking 2021.</a></p> This article was written by Damian Chmiel at www.financemagnates.com.
Crypto miner HIVE Blockchain reported significant losses in its latest quarterly earnings report. While the company earned $14.3 million in Q3, ending December 31, 2022, by mining 787 Bitcoin. According to the press release, the loss in revenue is due to Ethereum’s Merge, which caused the company to lose the higher margin it had been […]
Federal prosecutors have taken down Hive, a notorious ransomware group, while preventing $130 million in demands from being paid.
Just two weeks ago we have shared an interesting statistics based on the users of the widely used Hive OS Linux Mining OS that has shown the rapid increase of miners going to Kaspa (KAS) and now we are seeing the newcomer NEXA as well. So, in the last two weeks ETC miners have dropped […]
Hive Blockchain, a Bitcoin mining company, has seen a significant surge in its share value, with an increase of over 100% year-to-date. Specifically, between January 3rd and January 13th, 2023, the company’s shares rose by 104.6%. Starting at $1.53, the value of a single share reached $3.13 just ten days later, reaching a peak of $3.18 on […]
According to the mining statistics provided by Hive OS network based on the users of their platform Kaspa (KAS) is the second most popular coin mined with already more than 50% of the Ethereum Classic (ETC) miners and the third spot is for RavenCoin (RVN) with around 30% of the miners of ETC. The comparison […]
<p class="MsoNormal">HIVE Blockchain Technologies (<a href="https://www.financemagnates.com/tag/hive-blockchain-technologies/" target="_blank" rel="follow">HIVE</a>), a publicly-listed <a href="https://www.financemagnates.com/terms/c/crypto-mining/" target="_blank" id="b7de0d78-81b9-460d-b33d-311d7d0dff0e_1" class="terms__main-term">crypto mining</a> firm, has reported its yearly Bitcoin (BTC) production statistics, showing an increase of 18% to 4,752 BTC. However, the company underscores the growing difficulty of mining and declining profitability amid a prolonged cryptocurrency winter.</p><p>HIVE Blockchain Technologies Summarizes 2022 Mining Operations</p><p class="MsoNormal">According to the press release, HIVE produced 4,032 BTC last calendar year. Although the increase was described as "modest," the company points out that the mining difficulty over the past 12 months has jumped significantly by 46%. Thus, if the company had kept its mining potential unchanged, the amount of mined BTC would have fallen almost twice as much.</p><p class="MsoNormal">"Notwithstanding the foregoing, as HIVE's global fleet of ASIC and GPU miners expanded, HIVE's output of crypto mined with green energy, outpaced the Bitcoin Network Difficulty increase," the company commented in the press release.</p><p class="MsoNormal">In an effort to combat the increasing difficulty of mining, which along with falling BTC prices is significantly reducing profitability, HIVE is investing in new mining equipment. In 2022, the company acquired 3,570 Bitmain S19j Pro miners and 1,879 HIVE BuzzMiners. </p><p class="MsoNormal">In December, the miner's production potential reached 2.06 Exahash of BTC Hashrate.</p><p>December Figures from HIVE Blockchain</p><p class="MsoNormal">In addition to the figures for the entire year, HIVE Blockchain published separate stats for the month of December. In December 2022, the company produced 213.8 BTC, representing an average of 113.2 BTC per Exahash. </p><p class="MsoNormal">In addition, the company earned $3.15 million through its energy price hedging strategy. In terms of average BTC prices for December 2022, the income from balancing the energy network is comparable to mining approximately 184 Bitcoins.</p><p class="MsoNormal">HIVE has 2,348 BTC in its vault, currently valued at $38 million. Last quarter, the company sold some of its inventory to increase its cash reserve and fund some of its investments during the bear market.</p><p class="MsoNormal">"We have seen a great opportunity to expand in this depressed market, where ASIC prices are down almost 90%, whereas Bitcoin price is down approximately 70%," Frank Holmes, the Executive Chairman of HIVE, stated.</p><p>Another Company with Increased BTC Production</p><p class="MsoNormal">Last week, <a href="https://www.financemagnates.com/terms/b/bitcoin/" target="_blank" id="261088a9-0f41-4202-a73c-31f75ba6bd93_4" class="terms__secondary-term">Bitcoin</a> production data for 2022 <a href="https://www.financemagnates.com/cryptocurrency/bitfarms-ends-2022-with-50-increase-in-btc-mining/" target="_blank" rel="follow">was published by another publicly traded company</a>, Bitfarms. For the entire of 2022, the number of BTC mined reached 5,167, growing 49.6% compared to the 3,453 reported for 2021. </p><p class="MsoNormal">Although the publicly-listed miner was able to increase its Bitcoin production significantly, the overall financials seemed to deteriorate in 2022. This problem affects the entire industry due to falling BTC prices and the increasing difficulty of <a href="https://www.financemagnates.com/tag/bitcoin-mining/" target="_blank" rel="follow">mining</a>.</p><p class="MsoNormal">The mining industry suffered from BTC's sharp price declines and revenues fell by 37.5% in 2022 to $9.55 billion. <a href="https://www.financemagnates.com/cryptocurrency/why-bitcoin-miners-made-6-billion-less-in-2022/" target="_blank" rel="follow">The number was $6 billion lower than in record-breaking 2021. </a></p><p class="MsoNormal">"There are more miners than ever now, some are even publicly listed companies, so there is less bounty for each miner since the pot size is limited," Doug Brooks, a Senior Advisor at XinFin Foundation, commented.</p> This article was written by Damian Chmiel at www.financemagnates.com.
Out of 40,700 $BTC mined by public miners from January 1 to November 30 this year, 40,300 $BTC were sold, Messari's Tom Dunleavy revealed.
The post Bitcoin Miners Roughly Sold Everything They Mined in 2022 appeared first on BitPinas.
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