HIVE Blockchain Crypto Production Falls in June to 259 BTC

<p>HIVE
Blockchain Technologies Ltd., a publicly-listed company in the cryptocurrency
mining industry, has unveiled its unaudited Bitcoin (BTC) production statistics
for June 2023. The firm has mined 259 <a href="https://www.financemagnates.com/terms/b/bitcoin/">Bitcoin</a>, elevating its current crypto
balance to approximately 1,957 as of 1 July. </p><p>HIVE's
Bitcoin mining capacity averaged over 3.3 Exahash (EH/s) in June, including
ASIC and GPU hash rate.</p><p>HIVE Blockchain Mines 259
BTC in June</p><p>In June,
<a href="https://www.financemagnates.com/tag/hive-blockchain-technologies/" target="_blank" rel="follow">HIVE </a>produced 259 Bitcoin from both ASIC and GPU mining operations, averaging
76.6 Bitcoin per Exahash with an average hash rate of 3.38 EH/s. The company
produced an average of 8.6 BTC per day, ending the month with 3.48 EH/s
mining capacity.</p><p>The result
is better than 2023's average but clearly lower than this year's record of 304,6
BTC, which was mined last month or the 280 BTC that was <a href="https://www.financemagnates.com/cryptocurrency/hive-blockchain-produces-more-btc-in-march-2022-despite-rising-mining-difficulty/" target="_blank" rel="follow">mined in March</a>.</p><p>Aydin
Kilic, the President &amp; CEO of HIVE, acknowledged that the company's ASIC
hash rate reached 3.4 EH/s in the first week of July. This is projected to
grow as the majority of the previously announced 1.26 EH/s of ASICs have been
dispatched and are currently being installed in data centers. </p><p>"We
expect to provide updates on our growing hash rate capacity as we work towards
our interim goal of 4 EH/s, and moreover, we are actively evaluating
opportunities in the market for our year-end goal of 6 EH/s," Kilic added.</p><p>The company
registered an increase of 4.6% month-over-month in BTC ASIC hash rate (from 3.17
EH/s in May) and an increase of 3% in BTC hash rate from ASICs and GPUs combined.</p><p>Network
difficulty factors are critical variables in the company's gross profit
margins. The Bitcoin network difficulty started at 51.23 trillion in June and
peaked at 52.35 trillion, ending the month at 50.65 trillion, which is roughly 1% lower
than the start of the month.</p><p>HIVE to Focus on AI</p><p>The
Canadian publicly-listed <a href="https://www.financemagnates.com/terms/c/crypto-mining/">crypto mining</a> company has recently <a href="https://www.financemagnates.com/cryptocurrency/crypto-miner-hive-announces-rebranding-wants-to-focus-on-ai/" target="_blank" rel="follow">announced a
strategic branding makeover</a>, which includes renaming the company to HIVE
Digital Technologies Ltd. This initiative aims to highlight the company's
growing transition towards high-performance computing (HPC) data centers and to
embrace the emerging trend of widespread Artificial Intelligence (AI) adoption.</p><p>The rebranding
indicates a strategic expansion aiming to leverage the potential of HIVE's
green energy data centers and GPU Cloud computing technology. These elements
are critical in AI, machine learning, and sophisticated data analysis.</p><blockquote><p lang="en" dir="ltr">On our about July 12, we'll be changing our name to <a href="https://twitter.com/hashtag/HIVE?src=hash&amp;ref_src=twsrc%5Etfw">#HIVE</a> Digital Technologies.This rebranding signals a significant strategic expansion to harness the potential of our green energy data centres and of GPU Cloud compute technology, a vital tool in the world of <a href="https://twitter.com/hashtag/AI?src=hash&amp;ref_src=twsrc%5Etfw">#AI</a>, machine…</p>— HIVEBlockchain (@Hive_HPC) <a href="https://twitter.com/Hive_HPC/status/1676933481115385857?ref_src=twsrc%5Etfw">July 6, 2023</a></blockquote><p>One of the
factors motivating the company's decision to revamp its current strategy is the
data from <a href="https://www.financemagnates.com/cryptocurrency/canadian-btc-miner-hives-revenue-halves-from-record-high/" target="_blank" rel="follow">the most recent annual report</a>. The numbers for fiscal year 2023 showed
a decrease of 50% in the miner's revenue from the record $211 million that was reported in the
preceding year.</p><p>The dip in revenue
to $106.3 million was mainly due to the devaluation of Bitcoin and the
escalating difficulty in mining top-tier cryptocurrencies. Despite Bitcoin's
price showing signs of recovery in recent months, it experienced a fall of nearly 60% from March 2022 to March 2023. In the meantime, BTC reached multi-year
lows, trading at around $15,500.</p>

This article was written by Damian Chmiel at www.financemagnates.com.