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HIVE Blockchain Provides January 2023 Production Update and Bitcoin HODL Increase of 20% on Year-Over-Year Basis
This news release constitutes a "designated news release" for the purposes of the Company's prosp...
About this update from Hive Digital Technologies Ltd
[{"type":"text","content":"HIVE Blockchain Provides January 2023 Production Update and Bitcoin HODL Increase of 20% on Year-Over-Year BasisThis news release constitutes a \"designated news release\" for the purposes of the Company's prospectus supplement dated September 2, 2022 to its amended and restated short form base shelf prospectus dated January 4, 2022.Vancouver, British Columbia--(Newsfile Corp. - February 7, 2023) - HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (Nasdaq: HIVE) (FSE: HBFA) (the \"Company\" or \"HIVE\") is pleased to announce the production figures from the Company's global Bitcoin operations for the month of January 2023, with 260 Bitcoin produced in January, plus USD $180,000 of income from grid balancing, and a current BTC HODL balance of approximately 2,430 Bitcoin mined with green energy, representing an approximate 20% year over year growth (2,043 Bitcoin HODL in Jan 2022). The Company notes its year over year monthly production in January 2023 is consistent, during a period where BTC mining difficulty has gone up approximately 60%. Additionally, HIVE does not have any equipment financing or BTC backed loans.Figure 1To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/5335/153904_841d0965f4f91ba0_001full.jpgFigure 2To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/5335/153904_841d0965f4f91ba0_002full.jpgSummary Overview:HIVE produced 260 Bitcoin in the month of January, from ASIC and GPU mining operations, representing an average of 110 Bitcoin Per Exahash. A 21% month over month increase, compared to December 2022 (214 Bitcoin produced).HIVE's year over year monthly Bitcoin production was consistent (260 Bitcoin in January 2023 and 264 Bitcoin in January 2022), during a period where the Bitcoin network difficulty increased approximately 60%.HIVE earned USD $180,000 in income from balancing the grid, in addition to Bitcoin produced in January. Based on the daily Bitcoin prices during the month of January, the income from grid balancing would equate to a mined value of 10 Bitcoin.HIVE deployed over 6,700 new generation ASIC miners in its data centers, representing one of the largest upgrades in the Company's history, to improve our gross mining margin and fleet efficiency.HIVE has deployed over 3,200 BuzzMiners in its facilities in Sweden ...