The cryptocurrency market has seen 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 made huge profits and revenues over the past year.
HIVE Blockchain Technologies recently released production details for May 2022. Data released for the period shows that Bitcoin mining capacity for the company increased from 2.15 exahash to 2.18 exahash.
HIVE Blockchain Mining Capacity Reaches 2.18 Exahash
Bitcoin mining capacity for HIVE Blockchain increased significantly in May, the company’s production numbers show. During the reporting period, the mining capacity for various cryptocurrencies was in an upward trend, which is a different performance from the rest of the market.
BTC mining capacity hit 2.18 exahash in 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 273.4 Bitcoin (BTC).
HIVE Blockchain is one of the largest cryptocurrency mining companies in the world and is also listed on the NASDAQ. The company currently holds 3,186 BTC. Bitcoin mining companies are notorious for HODLing their mined coins, and they tend to sell during bull markets.
In releasing the latest production figures, the company’s Executive Chairman, Frank Holmes, mentioned that the growth was driven by several factors including strategic installations and upgrades. The company has maintained a high level of production despite mounting network difficulties.
“We are pleased to report in May that HIVE has continued its strong momentum in growing our hash rate, specifically our bitcoin mining hash rate is up 8% this month through installs and electrical upgrades. In May, we produced an average of 8.8 BTC per day, and we are pleased to note that to date, we are producing approximately 9.2 BTC per day, even after the recent 5.5% increase in difficulty,” the executive added .
Amidst the ongoing expansion of the Company’s mining capacity, the Company has delivered an impressive financial performance as the figures show. The sharp increase in mining capacity has boosted the company’s revenue, according to recent financial reports.
During the quarter ended December 31, 2021, the mining company reported revenue of $68.2 million. That’s an increase of 397% compared to the same period last year. Many crypto and blockchain companies reported impressive performance in the last quarter of 2021 as the market was bullish.
Bitcoin mining difficulty is increasing
Bitcoin mining difficulty has increased significantly since the beginning of the year. Increasing difficulty has impacted global mining revenue in recent months.
However, HIVE Blockchain managed to withstand the challenge and it has maintained a remarkable increase in mining rate. The growth comes from the growth in production facilities as the company has invested heavily in mining infrastructure.
Commenting on the development, HIVE President and COO Aydin Kilic said: “We would also like to give an update on the equivalence of BTC and ETH, where one can equate the value of the coins produced daily. The ETH produced by HIVE throughout the month of May roughly equates to a monthly total of 185.8 BTC on a daily basis, which we refer to as Bitcoin Equivalent or BTC Equivalent. This is in addition to the 273.4 BTC produced by our bitcoin mining operations in May, for a total of 459.2 bitcoin equivalents.”
To learn more, visit our Investing in HIVE guide.
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