Hive Plans to Increase Bitcoin Mining By the End Of the Year
Public crypto mining company Hive Blockchain plans to close the fourth fiscal quarter with a cryptocurrency mining result of 6,900 ETH and 670 BTC.
In a notice to shareholders, Hive announced that it mined 6,280 ETH from October 1 to December 21, and plans to mine more than 65 ETH daily over the next few days until the end of 2021. Thus, compared to the previous quarter from July 1 to September 30, when the company mined 8688 ETH, the projected production amount of 6900 ETH will be 20% lower.
As for Bitcoins, the company intends to mine up to 670 BTC by the end of the year, which is 2% more than in the previous quarter, when 656 BTC were mined.
The company hopes that Bitcoin mining will be more productive thanks to its investments in next-generation miners, and the drop in Ethereum mining will be partially offset by higher prices for ETH (+ 45%) and BTC (+ 35%).
The slowdown in ETH mining is due to a more than 16% increase in average difficulty in the current quarter, according to the report.