HIVE Blockchain mined 3,146 BTC in 2022

In 2022, the mining company HIVE Blockchain mined 3,146 BTC. The firm’s total production of digital assets, expressed in bitcoin, amounted to 4,752 BTC.

The figure was up 18% year over year. The company noted that it achieved this despite a 46% rise in bitcoin mining difficulty.

In December, HIVE generated 213.4 BTC, including 1.4 BTC from its GPU fleet.

The company also earned $3.15 million in revenue from selling electricity for grid balancing. Owing to outages for this purpose, HIVE’s GPU hash rate at the end of the month stood at 2.06 EH/s, versus the November average of 2.51 EH/s.

HIVE also said that in recent weeks it received and installed 2,050 Antminer S19j Pro miners from a batch of 3,570 units.

The company also deployed 1,423 HIVE BuzzMiner mining devices based on the Intel Blockscale chip from an overall order of 5,800 units. The firm expects the installations to be completed, tested, and shipped by the end of January.

“These next-generation miners will replace outdated ASIC and GPU mining equipment to improve Bitcoin mining efficiency,” the statement said.

In Q3 2022, HIVE made a strategic decision to sell cryptocurrency reserves to finance expansion.

“We saw a compelling opportunity to expand in this depressed market, where ASIC prices have fallen by nearly 90%, while the price of bitcoin has dropped about 70%,” said the company’s executive chairman, Frank Holmes.

According to him, purchasing equipment at significantly reduced prices gives the firm ‘an ideal return on invested capital’. The latest installations also allow cutting the cost of producing the cryptocurrency and boosting profits, Holmes added.

HIVE noted that it does not adhere to a 100% HODL strategy, holding all mined bitcoin (as Marathon Digital or Hut 8), but does not sell them to fund operating expenses either. The company’s approach is to monetise digital assets when there are attractive opportunities to scale the business.

HIVE’s reserves amount to 2,348 BTC, worth over $38 million.

Earlier, the first batch of Intel-based miners was received in November 2022. The American corporation announced the start of deliveries to selected clients as early as June.

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