HIVE Blockchain Produces More BTC in March 2022 despite Rising Mining Difficulty

HIVE Blockchain Technologies Ltd., a publicly-listed crypto mining company, has announced that it produced 282 Bitcoin in March 2023 from ASIC and GPU mining operations. The numbers if visibly higher from February's results, when HIVE mined 250 BTC.

HIVE Blockchain Mines More Bitcoins in March 2023

The increase in production took place despite the appreciation of the difficulty of mining cryptocurrencies. The Bitcoin network difficulty increased to 46.8 trillion during March, reaching an all-time high. Accordingly, Bitcoin mining difficulty ended the month about 9% higher than at the beginning of the month.

The company's current BTC balance is approximately 2,310, and it produced an average of 9.1 BTC per day last month. The company has received over 5,600 BuzzMiners in its data centers, all of which are functioning. In addition, HIVE ended the month with 3.36 EH/s of mining capacity, including ASIC and GPU BTC hash rate, and sold all of the Bitcoin earned from its GPU mining hash rate payouts.

Although the number of Bitcoins in the inventories has been falling for the second month in a row, HIVE is increasing its output possibilities. Accordingly, it sells cryptocurrencies to cover its ongoing business costs and further investments. In February, the crypto miner produced BTC at a monthly average of 2.75 EH/s compared to January's 2.38 EH/s average hash rate.

HIVE is ramping up mining at a time when rival Argo Blockchain, another publicly-listed digital asset miner, announced a drop in production last month. Argo Blockchain mined 161 Bitcoin or Bitcoin Equivalents in March, or 5.2 BTC per day, representing a 10% decrease from the 5.7 BTC per day produced in February 2023.

In the meantime, Marathon Digital Holdings, Inc., also operating in the mining industry, achieved a new milestone by mining 825 BTC, representing a 21% increase on a month-over-month basis. This was largely attributed to a significant increase in hash rate, which rose 64% in the previous quarter to 11.5 EH/s. As a result, the company set a new record by producing 2,195 BTC during the three-month period ending on 31 March.

HIVE Ends 2022 with Higher BTC Production

In 2022, HIVE was able to generate a greater amount of BTC with a year-on-year increase of 18%, resulting in a production of 4,752 BTC. Despite facing obstacles like a decline in profitability and the growing mining difficulty due to the prolonged cryptocurrency winter, the company saw this increase as modest.

However, during Q4 of the same year, HIVE experienced a loss of $90 million, representing an increase of 143% from the prior quarter's loss of $37 million. This was accompanied by a significant slump in revenue of 51.6% YoY to $14.1 million, which HIVE attributed to various factors, such as the Ethereum Merge, the prolonged cryptocurrency winter, rising mining difficulty, and falling crypto prices.

HIVE Blockchain Technologies went public in 2017 as the first cryptocurrency mining company publicly listed on the TSX Venture Exchange, which focused on sourcing green energy.