Canadian crypto miner Hive Blockchain published the production figures from the firm’s global Bitcoin operations for the month of October. It revealed a HODL balance of 3,311 Bitcoin, worth $68.8 million as of November 5, 2022.
According to the study, HIVE has a healthy balance sheet with around $70 million worth of Bitcoin and has not taken out any loans against pricey hardware like as ASICs, GPU chips, or digital assets.
HIVE is the sole owner of all of its ASICs and GPUs, and none of the company’s digital assets or crypto-mining equipment are subject to the obligation of paying off debt.
The Hive blockchain was responsible for the generation of 307 Bitcoin in the month of October. This was accomplished using a combination of ASIC and GPU mining, with an average of 115 Bitcoin produced per Exahash.
Even though the difficulty of the network is at an all-time high, Hive’s Executive Chairman Frank Holmes said, “We are very happy to be producing over 300 Bitcoin per month, which is about 1% of the global network.” All of our Ethereum holdings have been liquidated. During the month of October, we generated an average of 9.9 Bitcoin every single day.
The company notes that this increase in Bitcoin treasury takes place at a time when it has completed paying off financial obligations for the growth of ASIC production and infrastructure.
The Company is of the opinion that effective treasury management is necessary in the cryptocurrency mining industry. This is so that the balance sheet can be shielded from the volatility of the market and so that value may be created for the shareholders.
The challenges presented by the network have a substantial impact on the gross profit margins of the Company. The difficulty of mining bitcoin for the month of October was much higher than it had been for the month of September.
Hive blockchain is able to maintain its strength despite the fact that other cryptocurrency miners, such as Argo Blockchain, Compute North, Core Scientific, and many more, are having a difficult time maintaining profitability in this down market.
Compiled by Coinbold