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 2.15 Exahash to 2.18 Exahash.

On the other hand, HIVE’s Ethereum mining capacity reached 6.26 Terahash in May 2022. In fact, the Ethereum production figure came in at 2,694 ETH. Also, the mining firm produced 273.4 BTC in the last month. Now, the company holds a total of 3,186 Bitcoin.

Frank Holmes, the Executive Chairman of HIVE, said: "We are pleased to report in May HIVE continued its strong momentum in expanding our hash rate, notably our Bitcoin mining hash rate grew by 8% this month, through installations and electrical upgrades. In May, we produced an average of 8.8 BTC per day, and we are pleased to note that as of today, we are producing approximately 9.2 BTC a day even after the recent difficulty increase of 5.5%."

Due to the recent expansion in its production capacity, HIVE witnessed a sharp jump in its financial numbers. For the quarter ended 31 December 2021, the mining firm posted revenues of $68.2 million, which is up 397% compared to the same period last year.

The Bitcoin mining difficulty level is setting new record highs in 2022. As a result, global mining revenues have taken a hit in the past few months. However, HIVE Blockchain Technologies has been able to maintain a consistent jump in its mining rate due to enhanced production facilities.

Aydin Kilic, the President & COO of HIVE, commented: "We also would like to provide an update on the BTC and ETH equivalency, where one can equate the value of the coins produced daily. The ETH that HIVE produced during the month of May, equated on a daily basis, is approximately equal to a monthly total of 185.8 BTC, which we refer to as Bitcoin equivalent or BTC equivalent. This is in addition to the 273.4 BTC produced from our Bitcoin mining operations during May, for a total of 459.2 Bitcoin equivalent.”