HIVE Blockchain Technologies (HIVE) Produced 218 BTC and 2,334 ETH in November; Reports Increasing Mining Difficulties

December 3, 2021 5:20 AM EST
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HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) is pleased to announce the production figures from the Company's global Bitcoin and Ethereum mining operations for the month of November 2021, with a BTC HODL balance of 1,584 Bitcoin as of today.

November 2021 Production Figures

Following a record Q2 2022 earnings report (period end September 30, 2021), HIVE is pleased to announce its November 2021 production figures. The Company notes it currently has:

  • 218 BTC Produced
  • $13.2M USD Bitcoin mining revenue
  • 1.31 ExaHash of Bitcoin mining capacity
  • 2,334 ETH Produced
  • $10.4M USD Ethereum mining revenue
  • 4.36 TeraHash of Ethereum mining capacity
  • $23.6M USD Total Revenue

Frank Holmes, Executive Chairman of HIVE, stated, "We are very pleased to report HIVE has continued its strong momentum following our record-breaking October production figures; this trend is continued in our November production where HIVE is again generating over $280M USD in annual revenue on a run-rate basis using November figures, or approximately $350M CAD."

Aydin Kilic, President & COO of HIVE, noted, "We would like the investing public and crypto enthusiasts to understand the financial relationship between BTC and ETH mining. For example, in the month of November, 1,000 GH/s of ETH mining was equivalent if measured in daily revenue from the value of coins produced to approximately 228 PH/s of Bitcoin mining." The Company believes it's unique position of having a large Bitcoin and Ethereum mining footprint provides investors a unique value proposition. Mr Kilic continued, "Similarly, where one can equate hashrate on a revenue basis between BTC and ETH, you can also equate the value of the coins on a daily basis, as such on a daily basis the 2,334 ETH that HIVE produced during the month of November is approximately equal in value to producing a monthly total of 171 BTC. This is in addition to the 218 BTC produced from our Bitcoin mining operations."

The Company's total Bitcoin equivalent production in November 2021 was:

  • 389 BTC Equivalent Produced
  • 13 Bitcoin Equivalent produced per day on average
  • 2.3 ExaHash of BTC Equivalent Hashrate (BTC hashrate plus equivalent ETH Hashrate)

Network Mining Difficulty

The Bitcoin network difficulty increased as much as 5% and similarly the Ethereum network difficulty increased approximately 8% during the month of November. These increases in difficulty are factors in the decrease in BTC and ETH produced in November compared to the previous month.

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