Business
RETRANSMISSION: HIVE Blockchain Provides February 2023 Production Update
Vancouver, British Columbia--(Newsfile Corp. - March 3, 2023) - HIVE Blockchain Technologies Ltd....
About this update from Hive Digital Technologies Ltd
[{"type":"text","content":"RETRANSMISSION: HIVE Blockchain Provides February 2023 Production UpdateVancouver, British Columbia--(Newsfile Corp. - March 3, 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 February 2023, with 250 Bitcoin produced in February, and a current BTC HODL balance of approximately 2,340 Bitcoin mined utilizing computational power sourced from green energy. The Company notes it reached over 3 Exahash (EH) of Bitcoin mining capacity in February (all amounts in US dollars, unless otherwise indicated).Summary Overview:HIVE produced 250 Bitcoin in the month of February, from ASIC and GPU mining operations, representing an average of 91 Bitcoin Per EH, with an average hashrate of 2.75 EH/s for the month of February 2023;HIVE reached its 3 EH/s target in late February by mining at full capacity of 3,080 PH/s in late February. HIVE ended the month with 2.81 EH/s of mining capacity;HIVE has installed over 4,200 BuzzMiners to date. HIVE has received over 5,600 Buzzminers in its data centers and continues to install them to increase overall hashrate; HIVE expects to receive an additional 645 BuzzMiners in the next 2 months, representing a total production quantity of 6,300 BuzzMiners powered by the Intel Blockscale ASIC for the initial production run. HIVE is the first company in the world to commercially deploy thousands of its own Bitcoin ASIC miners powered by the Intel Blockscale ASIC.February 2023 Production FiguresFrank Holmes, Executive Chairman of HIVE, stated, \"We are very happy to have produced 250 Bitcoin during the month. Our team has focused on profitability, with 25% gross mining margins in our recent fiscal quarter for the 3 months ending December 31, 2022. We seek to optimize our profit from gross mining margins, on a monthly basis, by optimizing the efficiency of our operating fleet, and strategically curtailing or grid balancing. As a result, our average cost of power globally was 3.4 cents per KWHR in our recent fiscal quarter. We view grid balancing as part of our core revenue and ESG strategy, and whenever possible, we seek to hedge energy prices.\"If you have not seen our latest quarterly results then we recommend you watch 'Hive's Q3 2023 Results Webc...