Hive sold all of its ETH holdings after vowing to produce other GPU mineable coins following Ethereum shifts to Proof-of-Stake.
Prominent Bitcoin miner Hive Blockchain revealed having 3,311 Bitcoin, worth more than $68 million, as of November 5, 2022., 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.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.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.“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.
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