HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) is happy to philosophize the production figures from the Firm's global Bitcoin operations for the month of February 2023, with 250 Bitcoin produced in February, and a fresh BTC HODL balance of roughly 2,340 Bitcoin mined utilizing computational vitality sourced from green energy. The Firm notes it reached over 3 Exahash (EH) of Bitcoin mining capability in February (all quantities in US dollars, unless in any other case indicated).
- HIVE produced 250 Bitcoin within the month of February, from ASIC and GPU mining operations, representing a median of 91 Bitcoin Per EH, with a median hashrate of two.75 EH/s for the month of February 2023;
- HIVE reached its 3 EH/s target in slack February by mining at elephantine capability of 3,080 PH/s in slack February. HIVE ended the month with 2.81 EH/s of mining capability;
- HIVE has keep in over 4,200 BuzzMiners to this point. HIVE has obtained over 5,600 Buzzminers in its files centers and continues to put in them to obtain bigger total hashrate;
- HIVE expects to get an additional 645 BuzzMiners within the subsequent 2 months, representing a complete production quantity of 6,300 BuzzMiners powered by the Intel Blockscale ASIC for the initial production speed. HIVE is the first company within the sector to commercially deploy thousands of its possess Bitcoin ASIC miners powered by the Intel Blockscale ASIC.
February 2023 Production Figures
Frank Holmes, Government Chairman of HIVE, acknowledged, "We're more than pleased to own produced 250 Bitcoin all around the month. Our group has centered on profitability, with 25% inappropriate mining margins in our fresh fiscal quarter for the 3 months ending December 31, 2022. We watch to optimize our earnings from inappropriate mining margins, on a month-to-month foundation, by optimizing the efficiency of our working rapid, and strategically curtailing or grid balancing. Due to this, our realistic fee of vitality globally used to be 3.4 cents per KWHR in our fresh fiscal quarter. We peep grid balancing as half of our core earnings and ESG blueprint, and each time conceivable, we watch to hedge energy prices."
Whenever you happen to've got no longer considered our newest quarterly results then we counsel you see 'Hive's Q3 2023 Results Webcast: HIVE Announces Adjusted EBITDA of $1.5 Million'.
Aydin Kilic, President & CEO of HIVE, eminent, "We now own increased our total hashrate by 16% month over month from January 2023 to February 2023. We're always taking a test up on to optimize our allocation of energy as a resource. This month we didn't promote energy back to the grid, but rather increased our working hashrate as this used to be the most winning working mode. Additionally, our final GPU rapid is now producing roughly $100/MWHR in earnings, which is larger than the $/MWHR in comparison with Bitcoin ASIC miners within the new Bitcoin mining economics, as an instance an S19j Pro is producing roughly $93/MWHR with 43.1T allege and Bitcoin at $23,000. I am very good ample with our group, that has shown abilities in optimizing the use of our GPUs. Grand extra impressive is our GPU HPC pilot project has been producing roughly $1,800/MWHR of earnings. We're always optimizing the deployment of our technology sources as an organization to optimize earnings. These trends and agility allow us to generate certain inappropriate mining margin all over a crypto mining possess market. With a sturdy balance sheet of over $56 million of Bitcoin, HIVE is nicely positioned available within the market as of late."
The Firm's complete Bitcoin production in February 2023 used to be:
- 250 BTC produced;
- 8.9 BTC produced per day on realistic;
- 2.81 Exahash of BTC Hashrate as of February 28, comprised of two.58 Exahash of ASIC BTC hashrate and zero.23 Exahash of GPU BTC the same hashrate;
- Monthly realistic of two.75 Exahash, which is equal to 91 Bitcoin per Exahash, comprised of a median of two.58 Exahash of ASIC mining capability and realistic of 170 PH/s of Bitcoin GPU mining capability all around the month;
- This represents a 16% month over month obtain bigger in realistic hashrate (January used to be 2.38 EH/s realistic hashrate).
Bitcoin HODL Change
As of as of late's press release, HIVE has roughly 2,365 Bitcoin, with a market fee of over $56 million.
HIVE supplied a complete of 267.7 BTC for complete secure proceeds of $6.6 million in February 2023.
Bitcoin World Network Mining Converse Is Volatile
Network allege components are a critical variable within the Firm's inappropriate earnings margins. The Bitcoin network allege used to be 39.4T as at February 1, and increased to 43.1T as at February 28, reaching an all-time high. Accordingly, Bitcoin mining allege ended the month about 9% better than the beginning keep of the month.
The Bitcoin Network Converse is a publicly available statistic, that reflects the total sequence of Bitcoin miners on-line and is mandatory in examining an organization's inappropriate earnings margins, and sequence of Bitcoin produced. This files is accessible on many net sites, here is one citation: https://www.blockchain.com/explorer/charts/allege.
As extra of us mine Bitcoin (allege increases), the each day Bitcoin block reward which at issue is fixed at 900 Bitcoin per day, gets lop up amongst extra miners; thus each miner receives a smaller half of the block reward. Conversely, as Bitcoin prices tumble, many miners could maybe well merely lose money, and vitality down, thus taking their hashrate off the network, causing Network Converse to decrease.
Those miners with the lowest prices of production; by advantage of getting extra efficient machines and/or lower energy prices, are ready to continue their production all over these unstable cycles. No longer all miners will always mine all around the month, this potential that some miners will manufacture much less Bitcoin than expected, relative to their marketed hashrate. For the foregoing reasons, HIVE will self-curtail half of its operations if the unhedged subject energy prices are uneconomical, thereby leaving half of its complete inappropriate hashrate unutilized.
All Bitcoin miners are striving to use the very best Bitcoin ASIC chips, and we're happy that we had been ready to toughen our global rapid all over this crypto market downturn.