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Hive Blockchain Technologies Ltd
Symbol HIVE
Shares Issued 410,000,000
Close 2022-02-03 C$ 2.37
Market Cap C$ 971,700,000
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Hive produces 264 bitcoin, 2,170 ethereum in January

2022-02-04 01:17 ET - News Release

Mr. Frank Holmes reports


Hive Blockchain Technologies Ltd. has released the production figures from the company's global bitcoin and ethereum mining operations for the month of January, 2022, with a BTC hodl balance of 2,043 bitcoin and 25,404 ethereum as of Jan. 31, 2022.

January, 2022, production figures

Hive is pleased to announce its January, 2022, production figures and mining capacity:

  • 264 BTC produced;
  • 1.87 exahashes of bitcoin mining capacity;
  • 2,170 ETH equivalent produced;
  • 4.56 terahashes of ethereum mining capacity.

Frank Holmes, executive chairman of Hive, stated: "We are again pleased that Hive carries on with its strong momentum in expanding bitcoin hashing power even as the network difficulty continues its upward movement. In January, we produced an average of 8.5 BTC per day, and we are pleased to note that as of today, we are producing approximately 8.9 BTC a day. Our bitcoin hashing power increased in January, and at the calendar month-end, our hash rate was 1.87 exahashes, which translated into a 10-per-cent increase in BTC mining hash rate on a month-over-month basis while BTC prices corrected."

Aydin Kilic, president and chief operating officer of Hive, noted, "We continue to strive for operational excellence, ensuring that as we scale our hash rate, we also optimize our uptime, to ensure ideal bitcoin and ethereum output figures."

Mr. Kilic continued: "We also would like to provide an update on the BTC and ETH equivalency, where one can equate the value of the coins produced daily. As such, the ETH that Hive produced during the month of January, equated on a daily basis, is approximately equal to a monthly total of 161 BTC, which we refer to as bitcoin equivalent or BTC equivalent. This is in addition to the 264 BTC produced from our bitcoin mining operations during January for a total of 425 bitcoin equivalent."

The company's total bitcoin equivalent production in January, 2022, was:

  • 425 BTC equivalent produced;
  • 13.7 BTC equivalent produced per day on average;
  • 2.9 exahashes of BTC equivalent hash rate (BTC hash rate plus equivalent ETH hash rate).

Network mining difficulty and energy markets

The bitcoin network difficulty increased as much as 10 per cent, and similarly, the ethereum network difficulty increased approximately 7.5 per cent during the month of January. These factors impact the company's gross profit margins. Its January production would have been higher than actuals; however, the extremely cold weather in Canada has caused Quebec Hydro to cut back 100 hours of energy consumption under a curtailment agreement. This seasonal curtailment affects numerous cryptomining companies operating in Quebec, along with Hive. In addition, in New Brunswick, it is experiencing, as expected, a temporary seasonal rise in energy prices. It is happy to continue to expand its facilities, and new equipment has arrived during the month to increase petahashes to 1.87 exahashes for BTC mining.

About Hive Blockchain Technologies Ltd.

Hive went public in 2017 as the first cryptocurrency mining company with a green energy and ESG (environmental, social and governance) strategy.

Hive is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, it 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 sources only green energy to mine on the cloud and hodl 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. Its 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 centres and advanced multiuse servers, it believes its shares offer investors an attractive way to gain exposure to the cryptocurrency space.

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