In October, the Canadian mining company HIVE Blockchain Technologies produced 307 BTC. As of November 5, the firm’s reserves stood at 3,311 BTC.
By the end of the month, HIVE’s hashrate reached 2.77 EH/s. ASIC devices accounted for 2.38 EH/s, while the GPU fleet generated 0.36 EH/s. The GPUs produced 45 BTC over the month.
“Our GPU fleet now uses a unique algorithm for mining altcoins that are exchanged for Bitcoin, so HIVE earns and stores only the primary cryptocurrency,” explained the company’s president and COO Aydin Kilic.
During the past month the company received all ordered ASIC miners M30S++ from Micro BT, with total capacity of 140 PH/s (80 PH/s were deployed).
Over the next 3-4 months, HIVE expects shipments of miners with Intel chips, which together will provide more than 1 EH/s of hash rate.
“I am very pleased with the growth of HIVE’s ASIC hash rate over the past year without taking on financing risks secured by expensive equipment or loans backed by Bitcoin. Much of the mining industry suffers from debt, where either their balance sheets are encumbered in cryptocurrency, or the ASIC devices they purchased are tied to costly liabilities,” said the Executive Chairman Frank Holmes.
HIVE noted that it has continued its long-term strategy of accumulating bitcoins while meeting capital-expenditure obligations for equipment and infrastructure development.
Earlier in October, Marathon Digital Holdings—following a similar strategy—increased its reserves to 11,285 BTC.
Public mining companies in August for the first time since May sold fewer Bitcoins than they mined, according to Hashrate Index.
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