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Hive Blockchain is set to improve Bitcoin production by 2%



 Investments in mining and human resources have improved Bitcoin production.

In a notice sent to shareholders yesterday, listed crypto mining company Hive Blockchain announced that it will produce 6,900 ETH and 670 Bitcoin by the end of this fiscal year.

The decrease in ether production and the increase in bitcoin mining compared to the previous quarter mark the company's increasing focus on bitcoin.

Hive announced that it has met its commitment to mine more than 65 ETH per day this quarter, with a total of 6,280 ETH produced between October 1 and December 21, 2021. The forecast 6,900 ethers by the end of the quarter is a 20% decrease from 8,688 ETH in the last quarter.

However, the decline in ETH production was combined with a quarterly increase in Bitcoin production of 2% from 656 BTC to 670 BTC.

As the cause of the increase in bitcoin production, Hive said that investments made in the past year in both expanding Bitcoin mining facilities and training a new generation of miners triggered the increase.

The company also explained how external factors impacted the decline in ether production:

"This quarterly decrease in ether production compared to the previous quarter is partially offset by the 45% increase in the average price of ether, and the higher Bitcoin mining this quarter is offset by the increase in Bitcoin price in the quarter of over 35%. . "

Hive also pointed out that the strong ETH price helped the company support the mining operation as difficulties increased. This quarter, an average increase in ETH mining difficulty of 16% has been observed due to an increase in the number of projects that have entered the Ethereum ecosystem.

"HIVE has a healthy coin inventory of both Ether and Bitcoin and is pursuing an ongoing strategy to build our inventory through the 2022 calendar," said the mining company. "We're no longer selling coins, we're investing them over the New Year," the note concluded.

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