Hive Blockchain Expects Its Bitcoin Production to Increase and Ethereum Production to Decrease This Quarter

Publicly traded crypto mining firm Hive Blockchain expects to produce 6,900 ETH and 670 BTC for the fiscal quarter ending Dec. 31, a decrease and increase, respectively, from the previous quarter.

In a notice to shareholders on Wednesday, Hive said it had mined 6,280 ETH from Oct. 1 to Dec. 21 and will mine more than 65 ETH per day for the remainder of 2021. . This projected total — 6,900 ETH — would be more than 20% less than the 8,688 ETH mined between July 1 and September 30. However, Hive expects its Bitcoin production to increase by 2% from the previous quarter, from approximately 656 BTC to 670 BTC.

The Hive report stated: “The increase in Bitcoin production was driven by previously announced investments in new generation mining machines and the expansion of our Bitcoin mining facilities. The decline in Ethereum production this quarter compared to the previous quarter will be offset by A 45% rise in the average price of Ethereum will offset some of this, while a rise in Bitcoin price of more than 35% this quarter will drive increased Bitcoin production.”

The Canadian crypto mining firm attributed the slowdown in ETH mining to an average mining difficulty increase of more than 16% in the current quarter, including a spike on Dec. 7 as more projects entered the ecosystem. However, Hive also stated that the "strong" ETH price has helped the company support mining operations as mining difficulty increases. The price of ether has risen more than 50 percent since Sept. 30, hitting an all-time high of more than $4,800 in November, according to Cointelegraph Markets Pro.

"HIVE has a healthy inventory of Ethereum and Bitcoin, and an ongoing strategy to build inventory until 2022. We are no longer selling coins, but storing them until the new year," the mining company said.

Hive is known for its commitment to green energy mining, with facilities in Canada, Sweden and Iceland. In June, the company announced that it had been approved to list on the Nasdaq stock exchange. As of this writing, the company's shares are trading at $2.87, up more than 2% over the past 24 hours.

Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.