CryptoNewsBreaks – HIVE Blockchain Technologies Ltd. (TSX.V: HIVE) (NASDAQ: HIVE) (FSE: HBF) Releases Production Update for July 2022
August 05, 2022 at 12:06 PM EDT
HIVE Blockchain Technologies (TSX.V: HIVE) (NASDAQ: HIVE) (FSE: HBF) has announced statistics for its global Bitcoin and Ethereum mining operations July 2022; the company is reporting a BTC HODL balance of 3,091 Bitcoin and 6,820 Ethereum as of Aug. 4, 2022. Highlights of the update include that the company produced 279.9 BTC in July, with 2.2 Exahash of Bitcoin mining capacity at beginning of July, which increased to 2.26 Exahash of Bitcoin mining capacity during the month, with an average hashrate of 2.03 Exahash of Bitcoin mining capacity. In addition, HIVE noted that 2,957 ETH was produced during the month with 5.77 Terahash of Ethereum mining capacity at beginning of the month and 6.49 Terahash of Ethereum mining capacity at month end, with an average hashrate of 6.19 Terahash throughout the month. The company also observed that some miners were temporarily taken offline for layout optimization because of higher summer temperatures. HIVE produced an average of 15.0 Bitcoin Equivalent per day, comprised of approximately 9.0 BTC per day and Ethereum production of approximately 95 Ethereum per day, according to the report. “We continue to strive for operational excellence, ensuring that as we scale our hashrate, we also optimize our uptime, to ensure ideal Bitcoin and Ethereum output figures,” said HIVE president and COO Aydin Kilic in the press release. The report also mentioned recent discussions surrounding the potential Ethereum “Merge” to Proof of Stake (“PoS”), noting that regarding a timeline to PoS, a specific block for the Ethereum Merge has not been specified and until that has been addressed and “universally accepted” by the Ethereum Foundation, a merge indeterminate. “We also would like to provide an update on the BTC and ETH equivalency, where one can equate value of the coins produced daily. As such the ETH that HIVE produced during the month of July, equated on a daily basis, is approximately equal a monthly total of 185.2 BTC, which we refer to as Bitcoin Equivalent or BTC Equivalent. This is in addition to the 279.9 BTC produced from our Bitcoin mining operations during July, for a total of 465.1 Bitcoin equivalent.”
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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. The company 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 center facilities in Canada, Sweden and Iceland, where it sources green energy to mine on the cloud, both Ethereum and Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of its ETH and BTC coin mining rewards. Those shares provide investors with exposure to the operating margins of digital currency mining as well as a portfolio of cryptocurrencies such as ETH and BTC. 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 about the company, please visit www.HiveBlockchain.com.
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