<p>HIVE
Blockchain Technologies Ltd. (HIVE), a dual-listed <a href="https://www.financemagnates.com/terms/c/crypto-mining/" class="terms__main-term" id="b7de0d78-81b9-460d-b33d-311d7d0dff0e" target="_blank">crypto mining</a> company, has
reported its Bitcoin (BTC) production statistics for January, showing a
modestly lower number of mined assets when compared to the same period last
year. </p><p>HIVE Reports Mining Metric
for January 2023</p><p>According
to Tuesday's press release, HIVE mined 260 BTC in January 2023. This is 1.5% lower
compared to 264 BTC a year earlier. On a monthly basis, the January numbers are
21% higher than in December 2022, when HIVE produced 214 BTC. The average daily
production came in at 8.4 BTC per day.</p><p>HIVE notes
that the current mining numbers are consistent with previous results due to the
increasing <a href="https://www.financemagnates.com/tag/bitcoin-mining/" target="_blank" rel="follow">Bitcoin mining</a> difficulty, which shot up by around 60%. Moreover,
the company was able to increase the current 'BTC HODL' balance to 2430, which
translates to a 20% jump on a year-over-year basis from 2043.</p><p>"We
are very happy to have overcome several big headwinds over the past year such
as Bitcoin prices falling 50%, the Global Difficulty surging 50% which means
fewer coins mined unless you increase both the efficiency of ASIC chips and [the] number of machines mining which HIVE has done," Frank Holmes, the Executive
Chairman of HIVE, stated.</p><p>Large Upgrades in HIVE
Data Centers</p><p>HIVE
upgraded its data centers by deploying over 6,700 new-generation ASIC miners, which is a
significant improvement in the company's history aimed at enhancing fleet
efficiency and boosting gross mining margins. </p><p>What's
more, the company deployed over 3,200 BuzzMiners in its Canadian and Swedish
facilities and 3,570 S19j Pro miners into its Canadian data centers in Lachute
and New Brunswick. HIVE is currently expecting to receive the next batch of 645
BuzzMiners within the first quarter, which will raise the total quantity of
BuzzMiners to 6,300. </p><p>"We
are proud to be producing 260 Bitcoin while also earning over USD $180,000 this
month from our grid balancing initiatives. Our team has deployed over 6,700
ASIC miners in our data centers, including over 3,200 HIVE BuzzMiners, powered
by the Intel Blockscale ASIC and all of the 3,570 S19j Pros we acquired in
December 2022," Aydin Kilic, the President & CEO of HIVE, commented.</p><p>The new
mining rigs allowed HIVE to increase the available hashrate by 25% compared to
December 2022. The January number came in at 2.68 Exahash of BTC Hashrate.</p><p>Watch the recent FMLS22 panel on reimagining the crypto market structure.</p><p>HIVE Bets on Grid Balancing</p><p>During January,
HIVE earned $180,00 from balancing the grid, expanding its revenues from direct
Bitcoin mining. Based on daily Bitcoin prices, the income from grid balancing
during January would equal the mined value of 10 BTC.</p><p>According
to Kilic, HIVE became the first publicly-listed crypto mining company to earn
income from its grid balancing program in Sweden. Currently, the company views grid
balancing as a core part of its strategy and is focusing strongly on hedging energy
prices.</p><p>"We
are continuously looking to optimize our allocation of energy as a resource,
either to generate <a href="https://www.financemagnates.com/terms/h/hash-rate/" class="terms__secondary-term" id="427967e8-9807-479a-b9d0-f5dcdee58c91" target="_blank">hashrate</a> or sell energy back to the grid. Moreover, if unhedged
spot prices are uneconomical in a specific jurisdiction, we quickly scale down
our production," Kilic added.</p><p>Crypto Miners Reported Strong
2022</p><p>A month
ago, HIVE presented its <a href="https://www.financemagnates.com/cryptocurrency/hive-blockchain-increases-its-bitcoin-production-mines-4752-btc-in-2022/" target="_blank" rel="follow">yearly BTC production statistics</a>, showing an increase
of 18% to 4,752 BTC when compared to 2021. Other publicly-listed crypto
companies were reporting better production numbers. Bitfarms showed that
the number of BTC mined reached 5,167, <a href="https://www.financemagnates.com/cryptocurrency/bitfarms-ends-2022-with-50-increase-in-btc-mining/" target="_blank" rel="follow">growing 49,6% yearly from 3,453</a>. </p><p>Although HIVE
and Bitfarms increased their production significantly, the overall financial
statistics deteriorated in 2022 due to the harsh crypto winter and substantial
BTC price declines. </p><p>The
record-breaking mining statistics failed to compensate for declines in the
prices of major assets, and the industry suffered a sharp drop in revenues in
2022. The overall revenues slumped by 37.5% to $9.55 billion, which was <a href="https://www.financemagnates.com/cryptocurrency/why-bitcoin-miners-made-6-billion-less-in-2022/" target="_blank" rel="follow">$6billion lower than in a year before</a>.</p>
This article was written by Damian Chmiel at www.financemagnates.com.
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