Hive Blockchain On Track To Mine More Bitcoin, Less Ether This Quarter


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Listed crypto mining company Hive Blockchain expects to produce 6,900 Ether (ETH) and 670 Bitcoin (BTC) for the fiscal quarter ending December 31, marking a respective decrease and increase from the previous quarter.

In a notice to shareholders on Wednesday, Hive said it mined 6,280 Ether from October 1 to December 21 and was on track to mine more than 65 ETH per day for the remainder of 2021. That projected total – 6,900 ETH – would represent a down more than 20% compared to the 8,688 ETH extracted by the company from July 1 to September 30. However, Hive expects its Bitcoin production to increase by 2% per quarter, from around 656 BTC to 670 BTC.

” This augmentation [in Bitcoin] was motivated by the previously announced investments that have been made in next generation miners and the expansion of our Bitcoin mining facilities, ”Hive reported. “This decline in Ether production in the current quarter compared to the previous quarter will be partially offset by the increase in the average price of Ether by 45%, and the rise in Bitcoin mined during this quarter, stimulated by the increase in the price of Bitcoin in the quarter of more than 35%.

The Canadian cryptocurrency mining firm attributed the slowdown in ETH mining to an average increase in difficulty of more than 16% in the current quarter, including a peak on December 7 as more projects have entered the ecosystem. However, Hive also said that ETH’s “hefty” price helped the company support mining operations as the difficulty increased. According to data from Cointelegraph Markets Pro, the price of ETH has risen more than 50% since September 30 to an all-time high of over $ 4,800 in November.

“HIVE has a healthy coin inventory in both Ether and Bitcoin and has an ongoing strategy to build our inventory through to the 2022 timeline,” the mining company said. “We no longer sell coins but bank them throughout the New Year.”

Related: Green Energy-Focused Bitcoin Miner Hive Joins North American Mining Pool

Known by many for its mining efforts with an emphasis on green energy, Hive has facilities in Canada, Sweden and Iceland. In June, the company announced that it had received approval to list its shares on the Nasdaq stock exchange. At time of publication, the shares are trading at $ 2.87, having risen more than 2% in the past 24 hours.