Hive Blockchain Releases August’s BTC And ETH Production Report

Publicly traded cryptocurrency miner, Hive Blockchain has released the production figure of its Bitcoin (BTC) and Ethereum (ETH) mining operations for August 2022. 

According to the report, at the end of August Hive ended up with a HODL balance of 3,258 BTC and 5,100 ETH. Checking through its records in comparison to other mining plants, Hive discovered that it has been the most efficient BTC miner in the last eight months.

Hive Blockchain Technologies is one of the growth-oriented crypto mining firms which utilizes green energy and ESG techniques.

The firm went public five years ago trading its shares on a major Canadian Stock Exchange. Most of its industry-leading facilities are located in Sweden, Canada, and Iceland. Interestingly, in these facilities, Hive endeavors to utilize only green energy to mine both BTC and ETH. 

For almost two years, Hive Blockchain has securely held the majority of BTC and ETH mining rewards. With its shares, Hive customers are very well exposed to the operating margin and portfolio of the cryptocurrencies that it mines. Hence, Hive Blockchain Technologies argues that its shares offer investors adequate exposure to the crypto ecosystem.

Hive Blockchain Plans for Post-Merge

In August, the bitcoin mining process produced a total of 290.4 BTC with a 2.23 Exahash rate BTC mining capacity, making it approximately 9 BTC produced per day. 

On average for August, the Exahash rate was 2.07. Similarly, Ether mining produced 3,010 ETH in August with 6.49 Terahash mining capacity. With an average hashrate of 6.19 Terahash of Ethereum mining capacity during August.

Trying to equate the ETH produced to BTC, the Ethereum produced was rounded up to 228.4 BTC. Cumulatively, that brings the total volume of Bitcoin produced in August to 518.8 referred to as BTC equivalent. With an adjustment to the hash rate, the BTC equivalent has an Exahash of 3.72 and an average of 3.70. 

Amidst its lofty cryptocurrency production, Hive is equally concerned about the Ethereum transition to proof-of-stake (PoS) through the forthcoming ‘The Merge’ event. As a result, the firm has started analyzing the possibility of mining “other GPU mineable coins with its fleet of GPUs, and is implementing beta-testing this week, prior to the Merge.”