CryptoNewsBreaks – HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSX.V: HIVE) (FSE: HBFA) Issues September 2022 Production and Post Ethereum Merge Corporate Updates
October 12, 2022 at 13:03 PM EDT
HIVE Blockchain Technologies (NASDAQ: HIVE) (TSX.V: HIVE) (FSE: HBFA) today provided a corporate post Ethereum merge update and announced the production figures from the company’s global Bitcoin and Ethereum mining operations for the month of September 2022. According to the announcement, HIVE has a BTC HODL balance of 3,350 Bitcoin and 356 Ethereum as of Sept. 30, 2022. “Using our returns on invested capital from the Ethereum mining business, which had higher gross mining margins than the Bitcoin mining business, HIVE expanded our Bitcoin mining ASIC hashrate and daily production, thus allowing us to grow our Bitcoin HODL to over 3,300 BTC,” said HIVE’s Executive Chairman Frank Holmes. “The company has sold substantively all of its Ethereum. In September we produced an average of 13.2 Bitcoin Equivalent* per day, comprised of approximately 9.0 BTC per day and GPU production of approximately 4.2 Bitcoin per day.”
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About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy. HIVE is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, HIVE is building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green energy-powered data centre facilities in Canada, Sweden and Iceland, where it endeavours to source green energy to mine digital assets such as Bitcoin on the cloud. Since the beginning of 2021, HIVE has held in secure storage the majority of its treasury of ETH and BTC derived from mining rewards. The company’s shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of Bitcoin. Because HIVE also owns hard assets such as data centers and advanced multiuse servers, the company believes its shares offer investors an attractive way to gain exposure to the cryptocurrency space. For more information and to register to HIVE’s mailing list, please visit www.HIVEBlockchain.com.
*The company uses the metric “Bitcoin Equivalent” as a representation of how much revenue the company generates, denominated in Bitcoin (instead of, for instance, USD). The company calculated Bitcoin Equivalent as follows: For a given period of time, Bitcoin Equivalent equals the revenue the company generates from mining Ethereum divided by the price of Bitcoin. The revenue the company generates from mining Ethereum is calculated by multiplying the quantity of Ethereum Mined times the price of Ethereum.
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