HomeCryptoHive Blockchain Reveals No Debt Costs as it Holds 3,311 Bitcoin

Hive Blockchain Reveals No Debt Costs as it Holds 3,311 Bitcoin

Prominent Bitcoin miner Hive Blockchain revealed having 3,311 Bitcoin, worth more than $68 million, as of November 5, 2022.

In its latest production report, the Canadian firm said it does not have expensive borrowing against equipment such as ASICs or GPU chips, or digital assets.

  • Amidst Bitcoin’s price hovering around $20k, difficulty soaring, and high energy costs, miners in the network are under tremendous pressure. Mining companies, too, have been reeling under the bear market.
  • Compute North filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of Texas earlier this year, while Iris Energy disposed of $100 million in equity in a bid to generate some cash.
  • Firms such as Argo and CleansSpark borrowed millions against their mining equipment.
  • Hive, on the other hand, has managed to grow its balance sheet of Bitcoin in the last fiscal quarter.
  • By June-end, HIVE had 3,231 Bitcoin, and as of November 5, 2022, the firm has 3,311 Bitcoin, with a market value of over $70 million USD.
  • The company’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, even when network difficulty is at an all-time high. We have sold all our Ethereum holdings. In October we produced an average of 9.9 Bitcoin per day.”

  • Earlier this year, Hive entered into an agreement with Intel to purchase new ASIC chips.
  • As reported earlier, the deal was part of the Canadian entity’s broader strategy to expand its footprint in the USA.

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