The cryptocurrency market has witnessed a massive decline since the beginning of the year. Despite the poor performance, cryptocurrency mining activities have not been affected, but they have continued to increase. Cryptocurrency mining companies have witnessed major gains and revenues during the past year.
HIVE Blockchain Technologies recently released the production details for May 2022. The data released for the period shows that the Bitcoin mining capacity for the company increased from 2.15 Exahash to 2.18 Exahash.
HIVE Blockchain mining capacity hits 2.18 Exahash
The Bitcoin mining capacity for HIVE Blockchain increased significantly in May, as seen in the company’s production figures. During the period, the mining capacity for different cryptocurrencies was on an uptrend, which is a different performance than the rest of the market.
The BTC mining capacity reached 2.18 Exahash for May. On the other hand, the Ethereum mining capacity for the HIVE Blockchain increased to 6.26 Terahash. During the month, the company was able to mine 2694 Ether (ETH), and it managed to mine 273.4 Bitcoin (BTC).
HIVE Blockchain is one of the largest cryptocurrency mining companies globally, and it is also listed on NASDAQ. The company currently holds 3,186 BTC. Bitcoin mining firms have been known to HODL their mined coins, and they tend to sell during bull markets.
When releasing the latest production figures, the Executive Chairman of the company, Frank Holmes, mentioned that the growth was caused by several factors such as strategic installations and upgrades. The company has maintained high production levels despite the increasing network difficulty.
“We are pleased to report in May HIVE continued its strong momentum in expanding our hash rate, notably our Bitcoin mining hash rate grew by 8% this month, through installations and electrical upgrades. In May, we produced an average of 8.8 BTC per day, and we are pleased to note that as of today, we are producing approximately 9.2 BTC a day even after the recent difficulty increase of 5.5%,” the executive added.
Amid the ongoing expansion of the company’s mining capacity, the company has recorded an impressive financial performance, as the numbers have shown. The sharp increase in the mining capacity has increased the company’s revenues, as seen in the recent financial reports.
During the quarter that ended on December 31, 2021, the mining company reported revenues of $68.2 million. This is a 397% increase compared to the same period during the previous year. Many crypto and blockchain companies reported an impressive performance during the last quarter of 2021 as the market was bullish.
Bitcoin mining difficulty increases
Bitcoin mining difficulty level has increased significantly since the beginning of the year. The rising difficulty level has affected the global mining revenues over the past few months.
However, HIVE Blockchain has managed to withstand the challenge, and it has maintained a notable increase in the mining rate. The growth comes from the growth in production facilities, as the company has heavily invested in mining infrastructure.
The President and COO of HIVE, Aydin Kilic, commented on the development, saying, “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. The ETH that HIVE produced during the month of May, equated on a daily basis, is approximately equal to a monthly total of 185.8 BTC, which we refer to as Bitcoin equivalent or BTC equivalent. This is in addition to the 273.4 BTC produced from our Bitcoin mining operations during May, for a total of 459.2 Bitcoin equivalent.”
To learn more visit our Investing in HIVE guide.
