Wednesday, March 29, 2023
Bitcoin - Altcoin News
No Result
View All Result
  • Login
No Result
View All Result
Bitcoin News
No Result
View All Result
Home News Bitcoin

HIVE Blockchain Mined 4,752 BTC, Here’s Why More Production Is Expected In 2023

news by news
January 9, 2023
in Bitcoin, Bitcoin Mining, cryptocurrency mining, News
0
HIVE Blockchain Mined 4,752 BTC, Here’s Why More Production Is Expected In 2023
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

READ ALSO

Breaking: Ex-FTX CEO SBF Using Alameda Money For Legal Defense: Forbes

Breaking: Australia Introduces Crypto Market Regulation Bill In Parliament

Just-In: HIVE Blockchain Mined 4,752 BTC, Here's Why More Expected In 2023

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.

Related Posts

Breaking: Ex-FTX CEO SBF Using Alameda Money For Legal Defense: Forbes
24/7 Cryptocurrency News

Breaking: Ex-FTX CEO SBF Using Alameda Money For Legal Defense: Forbes

March 29, 2023
Breaking: Australia Introduces Crypto Market Regulation Bill In Parliament
24/7 Cryptocurrency News

Breaking: Australia Introduces Crypto Market Regulation Bill In Parliament

March 29, 2023
Bitcoin Price Reclaims $28,500 Amid Binance FUD, Here’s Why
24/7 Cryptocurrency News

Bitcoin Price Reclaims $28,500 Amid Binance FUD, Here’s Why

March 29, 2023
XRP Price Spikes By 18%, Breaches $0.56 level; What’s Happening?
24/7 Cryptocurrency News

XRP Price Spikes By 18%, Breaches $0.56 level; What’s Happening?

March 29, 2023
Breaking: Do Kwon To Appeal Passport Forgery Case In Supreme Court, Delaying Extradition
24/7 Cryptocurrency News

Breaking: Do Kwon To Appeal Passport Forgery Case In Supreme Court, Delaying Extradition

March 29, 2023
Just-In: UBS Opts For New CEO; Credit Suisse Takeover To Delay?
24/7 Cryptocurrency News

Just-In: UBS Opts For New CEO; Credit Suisse Takeover To Delay?

March 29, 2023
Next Post
Is Bitcoin (BTC) Price Heading Back To $15,000 Before Rallying To $22K?

Is Bitcoin (BTC) Price Heading Back To $15,000 Before Rallying To $22K?

POPULAR NEWS

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

December 7, 2022
Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

December 7, 2022
Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

December 17, 2022
Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

December 7, 2022
Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

February 28, 2023

EDITOR'S PICK

Shytoshi Kusama Locks Shibarium Channel; Something Big Is Coming?

Shytoshi Kusama Locks Shibarium Channel; Something Big Is Coming?

February 17, 2023
Just-In: Do Kwon Hunt Concluded? South Korean Authorities Reach Serbia

Just-In: Do Kwon Hunt Concluded? South Korean Authorities Reach Serbia

February 7, 2023
Shiba Inu News: Can LEASH Jump Into Top 100 Cryptos After BONE

Shiba Inu News: Can LEASH Jump Into Top 100 Cryptos After BONE

February 23, 2023
Crypto News Live Updates Dec 9: Coinbase To Support USDC Over USDT

Crypto News Live Updates Dec 9: Coinbase To Support USDC Over USDT

December 9, 2022
Bitcoin - Altcoin News

© 2022 coingger.com

Navigate Site

  • Europe
  • Exchange
  • Elon Musk
  • ETH Price
  • crypto Tax U.S.
  • CZ
  • Crypto Miners
  • BTC Price
  • ChatGPT
  • China crypto
  • Coingecko
  • Binance Smart Chain
  • Bitcoin $100K
  • Airdrop

Follow Us

No Result
View All Result
  • Homepages
    • Home Page 1

© 2022 coingger.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In