Bitcoin Production and HIVE Shares Decline despite BTC Price Records

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.

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However,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.

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HIVE Produces 4% Less BTC in February as Mining Difficulty Surpasses 40 Trillion

<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.

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Public Miners Are Outperforming Bitcoin

Even with the recent rise in the bitcoin price, public bitcoin mining stocks start the year with more impressive gains than the asset itself.

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HIVE Blockchain Reports $90m Loss in Q4 2022 amid Lower Bitcoin Prices

<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.

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HIVE Sees 13% YOY Increase In Bitcoin Production Despite Crypto Winter

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 […]

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Bitcoin Mining Firm Hive Blockchain Shares Skyrocket Over 100% YTD

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 […]

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HIVE Blockchain Increases Its Bitcoin Production, Mines 4,752 BTC in 2022

<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.

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HIVE Revenues Down 45% in Q3 Despite Higher BTC Production

<p> HIVE Blockchain Technologies Ltd. (<a href="https://www.financemagnates.com/tag/hive-blockchain-technologies/">NASDAQ:HIVE</a>), a cryptocurrency mining company focused on green energy, announced on Wednesday its financials for the third quarter of 2022. Similar to other publicly listed miners, HIVE reported a visible slump in revenue compared to the previous year due to the drop in Bitcoin (BTC) and <a href="https://www.financemagnates.com/terms/e/ethereum/" target="_blank" id="230aa7bc-daf7-4523-af41-90671a2e79de_1" class="terms__main-term">Ethereum</a> (ETH) prices.</p><p class="MsoNormal">According to the press release, HIVE was able to mine 858 BTC and 7309 ETH using clean energy during the previous quarter, achieving revenue of $29.6 million, which translates to a 45% decline compared to $42.9 million reported in the same period year earlier.</p><p class="MsoNormal">HIVE’s Bitcoin production rose by 4.5% quarter-over-quarter (QoQ) and 31% year-over-year (YoY), mainly due to the purchase of 17,300 new ASIC miners expanding the company’s New Brunswick data center facility to 60 MW of power.</p><p class="MsoNormal">The lower <a href="https://www.financemagnates.com/terms/b/bitcoin/" target="_blank" id="261088a9-0f41-4202-a73c-31f75ba6bd93_3" class="terms__secondary-term">Bitcoin</a> prices gross mining profit margin achieved by the mining company stood at $15.9 million, lowering by $41% QoQ from $27 million. It translated into a net loss of $37 million, compared to a net income of $38.9 million in Q3 2021.</p><p class="MsoNormal">“It was an extremely challenging quarter for the global digital asset ecosystem, where we saw the capitulation of crypto prices due to the Proof of Stake ‘PoS’ Luna token blow up in the spring and subsequent contagion from over leveraged ‘shadow banks’, hedge funds and offshore exchanges. 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,” Frank Holmes, the Executive Chairman at HIVE, said.</p><p class="MsoNormal">“We believe our low coupon fixed debt; attractive green renewable energy prices and high performing energy efficient ASIC chips will help us navigate through this crypto winter.”</p><p class="MsoNormal">Crypto Miners Under Mounting Pressure</p><p class="MsoNormal">Publicly-held crypto miners have entered the earnings season for the third quarter, and the results do not look promising. The prolonged ‘cryptocurrency winter’ and the BTC price at the two-year lows cut mining profitability and negatively impacted share prices.</p><p class="MsoNormal">Last week <a href="https://www.financemagnates.com/cryptocurrency/hut-8-loss-deepens-despiite-higher-mining-rate/">Hut 8 Mining Corp.</a> (NASDAQ:HUT) reported revenue of CAD 18.6 million, which was significantly lower than CAD 50.3 million for Q3 2021. The financial results were reduced despite the fact that the digital asset mining company was able to mine more Bitcoins than last year (982 BTC).</p><p class="MsoNormal"><a href="https://www.financemagnates.com/cryptocurrency/canaan-feels-the-bitcoin-blues-net-income-down-90/">Canaan Inc.</a> (NASDAQ:CAN) is another <a href="https://www.financemagnates.com/tag/wall-street/">Wall Street</a> company from the mining industry, focusing on manufacturing hardware for miners, which reported diminishing financial results. During the three-month period that ended on 30 September 2022, the revenue slumped 40% QoQ to $137.5 million.</p><p class="MsoNormal">For stock traders, publicly-listed mining companies are an indirect way to gain exposure to the cryptocurrency sector. As a result, stock price fluctuations are largely dependent on the price of Bitcoin and other tokens. For example, HIVE shares have lost more year-to-date (80%) than BTC itself (60%). However, during the market boom, they guaranteed higher returns on investment than the oldest cryptocurrency.</p> This article was written by Damian Chmiel at www.financemagnates.com.

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HIVE Posts Revenues of $44.2 Million in the Latest Quarter

<p>Public-listed crypto mining firm, HIVE Blockchain Technologies, recently <a href="https://www.hiveblockchain.com/news/hive-announces-quarterly-revenue-of-442-million-up-13-from-the-same-quarter-last-year-and-earnings-for-our-1st-quarter-ended-june-30-2022/" target="_blank">published</a> its financial results for the quarter ended 30 June 2022. In the reported period, the company generated revenues of $44.2 million, compared to the revenues of $49.8 million in the previous quarter.</p><p>According to the details shared by HIVE, the firm mined a total of 1,338 Bitcoin equivalent in the latest quarter, compared to 1,248 BTC equivalent in the previous quarter. The recent correction in the price of Bitcoin and Ethereum impacted the revenues of HIVE significantly.</p><p>In terms of <a href="vhttps://www.financemagnates.com/cryptocurrency/news/hive-blockchain-increases-bitcoin-mining-capacity/" target="_blank">mining capacity</a>, HIVE has witnessed a sharp surge in the past few months after the company acquired several <a href="https://www.financemagnates.com/cryptocurrency/news/hive-blockchain-orders-1800-crypto-mining-machines-from-bitmain/" target="_blank">mining machines</a>.</p><p>Commenting on the quarterly results, Frank Holmes, HIVE’s Executive Chairman, said: “We wish to again thank our loyal shareholders for believing in our vision to mine both Ethereum and Bitcoin to generate robust cash flow returns on invested capital, and we believe our results continue to validate the significant contribution to our strategy to mine both BTC and ETH and HODL as many coins as possible. It was an extremely challenging quarter for the global digital asset ecosystem, where we saw the capitulation of Bitcoin and Ethereum prices not seen since 2020. On a relative basis, we are very pleased with our Company’s performance amongst our peers in the digital asset industry.”</p><p>Acquisitions</p><p>In the announcement, HIVE noted that one of the major reasons behind the latest jump in Bitcoin production is the company’s acquisition of the Quebec and Atlantic facilities. Moreover, HIVE expanded its operations in Europe.</p><p>“I have urged investors to focus on HIVE’s operating earnings from our data centers which generate digital assets, however as a result of recent changes to IFRS reporting rules, the quarterly mark-to-market fluctuations in the value of HIVE’s investment portfolio in digital assets must be reflected on the Company's income statement each quarter,” Holmes added.</p> This article was written by Bilal Jafar at www.financemagnates.com.

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HIVE Blockchain’s BTC Mining Capacity Increases in May

Nasdaq-listed HIVE Blockchain Technologies has recently released its production figures for May 2022. During the mentioned period, the company’s BTC mining capacity jumped from 2.

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Recap of Exclusive AMA: HIVE Blockchain x StealthEX

Take a look at the HIVE Blockchain x StealthEX AMA recap: learn everything you need about HIVE cryptocurrency.

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HIVE Blockchain Produces 278 BTC in March 2022

Nasdaq-listed HIVE Blockchain Technologies has recently published its production figures for March 2022. During the reported period, the mining company produced 278.

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How to Buy HIVE Coin? What Is Hive Blockchain?

Learn how to buy HIVE coin? What is Hive Blockchain? Is Hive Blockchain a good investment? HIVE coin price prediction

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HIVE’s Bitcoin Equivalent Production in January Reaches 425 BTC

Today, HIVE Blockchain Technologies announced its production numbers related to Bitcoin and ETH mining operations for January 2022.

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Hive Blockchain on track to mine more Bitcoin, less Ether this quarter

The Canadian mining firm expected its Ether production to decrease by more than 20% quarter over quarter, while its Bitcoin mining would rise a modest 2%. Publicly traded crypto mining firm Hive Blockchain is expecting to produce 6,900 Ether (ETH) and 670 Bitcoin (BTC) for the fiscal quarter ending on Dec. 31, marking a respective drop… More

The post Hive Blockchain on track to mine more Bitcoin, less Ether this quarter appeared first on BTC Ethereum Crypto Currency Blog.

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Most Public Bitcoin Miners Are Thriving

Five public miners produced a total of 1,475 bitcoin in November, worth nearly $80 million.

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HIVE Reports a Jump in BTC Production during November 2021

The company produced 218 Bitcoin in the recent month.

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HIVE Blockchain Reports Quarterly Revenues of $52.6 Million

The company mined 656 Bitcoin in the latest quarter.

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HIVE Orders 6,500 Bitcoin Mining Rigs From Canaan

This new order from by HIVE follows the two recent purchases of 4,000 and 6,400 Canaan's Avalon miners units in August and January.

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HIVE Announces Investment in Network Entertainment

The company made the investment to gain exposure to Network’s emerging non-fungible token (NFT) business.

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