HIVE Blockchain Thrives Amid Rising Mining Difficulty

Publicly-listed crypto mining company HIVE Blockchain Technologies Ltd. announced an increase in Bitcoin (BTC) production, mining 282 BTC in March 2023, despite the record-high mining difficulty of 46.8 trillion.

HIVE’s current BTC balance stands at around 2,310, with an average production of 9.1 BTC per day last month. The company’s 5,600+ BuzzMiners contributed to its 3.36 EH/s mining capacity. HIVE is increasing output capacity by selling cryptocurrencies to cover ongoing business costs and future investments.

While competitor Argo Blockchain reported a drop in production, Marathon Digital Holdings achieved a new milestone, mining 825 BTC, a 21% month-over-month increase, mainly due to a 64% increase in hash rate to 11.5 EH/s in the previous quarter.

HIVE ended 2022 with an 18% YoY increase in BTC production, totaling 4,752 BTC, despite challenges like declining profitability and growing mining difficulty. However, the company also reported a Q4 2022 loss of $90 million, marking a 143% increase from the previous quarter. Alongside this, HIVE experienced a 51.6% YoY slump in revenue, amounting to $14.1 million.

HIVE Blockchain Technologies, focusing on green energy sources, was the first cryptocurrency mining company to go public on the TSX Venture Exchange in 2017.