HIVE Blockchain sells 10,000 ETH to fund Intel-based Bitcoin miners

HIVE Blockchain Technologies направила proceeds from the sale of about 10,000 ETH toward “funding strategic relationships with Intel and the creation of new Bitcoin miners”.

Representatives attributed the decision to Ethereum’s volatility, the second-largest cryptocurrency by market capitalization, and to its having “outperformed Bitcoin over the past year”.

“We will continue to sell ETH at strategically important moments to fund our long-term BTC mining goals,” said the company’s representatives.

According to them, Ethereum mining is “highly profitable, but a less competitive niche”. Proceeds from it can be used to strengthen positions among major Bitcoin miners.

HIVE Blockchain also reported growth in the computing power used to mine digital gold — during May the hashrate rose by 8%. The increase was driven by “the installation and upgrading of equipment”.

In May the company mined 273.4 BTC and 2,694 ETH. At the end of last month, the Bitcoin-focused hashrate stood at 2.18 EH/s, the Ethereum metric at 6.26 TH/s.

“In May we mined an average of 8.8 BTC per day. We are pleased to report that we are now producing about 9.2 BTC per day, even after the recent 5.5% rise in difficulty,” said HIVE Blockchain CEO Frank Holmes.

In March, HIVE Blockchain signed a deal with Intel to purchase mining equipment based on the ASIC chip developed by the corporation.

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