HIVE’s Bitcoin Equivalent Production in January Reaches 425 BTC

Today, HIVE Blockchain Technologies announced its production numbers related to Bitcoin and ETH mining operations for January 2022. For the reported period, HIVE produced 264 BTC and posted 1.87 Exahash of BTC mining capacity.

HIVE produced 2,170 ETH equivalent during the last month and reported 4.56 Terahash of Ethereum mining capacity. As far as Bitcoin equivalent production is concerned, HIVE produced 425 BTC equivalent in January 2022.

HIVE is holding 2,043 Bitcoin and 25,404 Ethereum, as of 31 January 2022. The mining firm has witnessed consistent growth in its operations during the past 12 months.

“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 Exahash, which translated into a 10% increase in BTC mining hash rate on MoM basis, while BTC prices corrected,” Frank Holmes, the Executive Chairman of HIVE, commented.

Last year, HIVE expanded its production capacity significantly and ordered 1,800 crypto mining machines from Bitmain. Moreover, the public-listed company achieved the target of 1 Exahash in BTC mining during August 2021.

Hash Rate

Aydin Kilic, the President & COO of HIVE, noted that the company is putting all the efforts to increase its overall hash rate.

“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,” Kilic added.