Prominent Bitcoin miner Hive Blockchain revealed having 3,311 Bitcoin, worth more than $68 million, as of November 5, 2022.
In its latest production reportthe Canadian firm said it does not have expensive borrowing against equipment such as ASICs or GPU chips, or digital assets.
- Amidst Bitcoin’s price hovering around $20k, difficulty soaring, and high energy costs, miners in the network are under tremendous pressure. Mining companies, too, have been reeling under the bear market.
- Compute North filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of Texas earlier this year, while Iris Energy disposed of $100 million in equity in a bid to generate some cash.
- Firms such as Argo and CleansSpark borrowed millions against their mining equipment.
- Hive, on the other hand, has managed to grow its balance sheet of Bitcoin in the last fiscal quarter.
- By June-end, HIVE had 3,231 Bitcoin, and as of November 5, 2022, the firm has 3,311 Bitcoin, with a market value of over $70 million USD.
- The company’s Executive Chairman Frank Holmes said,
“We are very happy to be producing over 300 Bitcoin per month, which is about 1% of the global network, even when network difficulty is at an all-time high. We have sold all our Ethereum holdings. In October we produced an average of 9.9 Bitcoin per day.”
- Earlier this year, Hive entered into an agreement with Intel to purchase new ASIC chips.
- As reported earlier, the deal was part of the Canadian entity’s broader strategy to expand its footprint in the USA.