HIVE Blockchain Technologies Ltd., a publicly-listed company in the cryptocurrency mining industry, has unveiled its unaudited Bitcoin (BTC) production statistics for June 2023. The firm has mined 259 Bitcoin , elevating its current crypto balance to approximately 1,957 as of 1 July.
HIVE's Bitcoin mining capacity averaged over 3.3 Exahash (EH/s) in June, including ASIC and GPU hash rate.
HIVE Blockchain Mines 259 BTC in June
In June, HIVE produced 259 Bitcoin from both ASIC and GPU mining operations, averaging 76.6 Bitcoin per Exahash with an average hash rate of 3.38 EH/s. The company produced an average of 8.6 BTC per day, ending the month with 3.48 EH/s mining capacity.
The result is better than 2023's average but clearly lower than this year's record of 304,6 BTC, which was mined last month or the 280 BTC that was mined in March.
Aydin Kilic, the President & CEO of HIVE, acknowledged that the company's ASIC hash rate reached 3.4 EH/s in the first week of July. This is projected to grow as the majority of the previously announced 1.26 EH/s of ASICs have been dispatched and are currently being installed in data centers.
"We expect to provide updates on our growing hash rate capacity as we work towards our interim goal of 4 EH/s, and moreover, we are actively evaluating opportunities in the market for our year-end goal of 6 EH/s," Kilic added.
The company registered an increase of 4.6% month-over-month in BTC ASIC hash rate (from 3.17 EH/s in May) and an increase of 3% in BTC hash rate from ASICs and GPUs combined.
Network difficulty factors are critical variables in the company's gross profit margins. The Bitcoin network difficulty started at 51.23 trillion in June and peaked at 52.35 trillion, ending the month at 50.65 trillion, which is roughly 1% lower than the start of the month.
HIVE to Focus on AI
The Canadian publicly-listed crypto mining company has recently announced a strategic branding makeover, which includes renaming the company to HIVE Digital Technologies Ltd. This initiative aims to highlight the company's growing transition towards high-performance computing (HPC) data centers and to embrace the emerging trend of widespread Artificial Intelligence (AI) adoption.
The rebranding indicates a strategic expansion aiming to leverage the potential of HIVE's green energy data centers and GPU Cloud computing technology. These elements are critical in AI, machine learning, and sophisticated data analysis.
One of the factors motivating the company's decision to revamp its current strategy is the data from the most recent annual report. The numbers for fiscal year 2023 showed a decrease of 50% in the miner's revenue from the record $211 million that was reported in the preceding year.
The dip in revenue to $106.3 million was mainly due to the devaluation of Bitcoin and the escalating difficulty in mining top-tier cryptocurrencies. Despite Bitcoin's price showing signs of recovery in recent months, it experienced a fall of nearly 60% from March 2022 to March 2023. In the meantime, BTC reached multi-year lows, trading at around $15,500.
