Crypto mining firm HIVE Blockchain on Monday reported an increase in Bitcoin production in 2022. The crypto-mining firm achieved increased figures due to the agile acquisition of 3,570 Bitmain S19j Pro mining machines at discounted prices. Additionally, HIVE has received and installed 1,423 of its HIVE BuzzMiner Bitcoin miners powered by Intel Blockscale chip.
HIVE Blockchain Increases Bitcoin Production in 2022
In the latest production update on January 9, HIVE Blockchain reported an 18% increase in Bitcoin production in 2022. The company mined crypto assets with a value of 4,752 BTC. Also, the company leverages the bear market to buy mining rigs at discounted prices.
HIVE Blockchain produced 213.8 BTCs in December. Moreover, it made $3.15 million of income from energy price hedging and grid balancing strategy.
While other crypto mining firms faced financial issues in 2022 due to crypto winter, HIVE Blockchain improved its global efficiency with the acquisition of 3,570 Bitmain S19j Pro machines. Further, HIVE has received and installed 1,423 of its HIVE BuzzMiner Bitcoin miners, powered by Intel Blockscale, out of the total production quantity of 5,800 HIVE BuzzMiners.
“Notwithstanding the foregoing, as HIVE’s global fleet of ASIC and GPU miners expanded, HIVE’s output of crypto mined with green energy, outpaced the Bitcoin Network Difficulty increase.”
With the installation of Intel’s new mining chips, Hive Blockchain will increase Bitcoin mining efficiency and lower the average cost of Bitcoin production.
Frank Holmes, Executive Chairman of HIVE, believes the company will be able to further increase profits and bitcoin production after receiving all 5,800 HIVE BuzzMiners by the end of January 2023. The company holds 2,348 Bitcoin in its treasury, valued at $38 million.
The HIVE share price is up 5% at $1.90 during the pre-market hours on Monday.
Can Mining Industry Recover?
The crypto market saw a massive recovery in the last 24 hours. Bitcoin price breaks above $17K, while Ethereum price breaks above $1.3K in the last 24 hours. Other cryptocurrencies such as Solana and Cardano also contributed to the rally. Metaverse tokens witnessed special upside momentum, with many tokens recording double-digit gains.
The crypto mining industry can also recover if prices hold the bullish momentum and Bitcoin prices continue a rally, marking the end of the bear market.
Also Read: Top Reasons Why The Crypto Market Is Rising Today
The post HIVE Blockchain Mined 4,752 BTC, Here’s Why More Production Is Expected In 2023 appeared first on CoinGape.
