HIVE’s Mining Capacity Hits 4 EH/s despite Production Dip in October 2023

<p>HIVE
Blockchain Technologies Ltd. (NASDAQ: <a href="https://www.financemagnates.com/tag/hive-blockchain-technologies/" target="_blank" rel="follow">HIVE</a>), the Canadian publicly-listed
crypto mining company, has announced its unaudited production figures for
October 2023, showcasing a significant achievement in its Bitcoin mining
operations. The company, which went public on the TSX Venture Exchange in 2017,
has focused on sustainable green energy mining across its data centers in
Canada, Sweden, and Iceland.</p><p>HIVE Digital Hits 4
Exahash Milestone in October Production</p><p>In the
month of October, HIVE Digital produced 265.9 <a href="https://www.financemagnates.com/terms/b/bitcoin/">Bitcoin</a>, averaging 67.5 Bitcoin
per Exahash, which translated to a modest decline compared to September's
result of 269.5 Bitcoin. The company's average mining capacity stood at 3.94 exahash
per second (EH/s), with a month-end peak of 3.97 EH/s. This growth was possible
due to the optimization of the company's mining fleet within the existing
infrastructure and its strategic approach to acquisitions in the market.</p><p>"We
are very pleased to have reached 4.0 Exahash this month from ASIC mining
operations as we continue to optimize our fleet, within existing infrastructure,"
Aydin Kilic, the President &amp; CEO of HIVE, stated. "In addition, a
portion of our GPUs are still mining alt-coins with which we are paid in
Bitcoin. The equivalent Bitcoin hash rate from our GPUs in the month of October
was 130 PH/s."</p><p>HIVE's
production update revealed a detailed breakdown of Bitcoin mined from ASICs and
GPUs, with a slight month-over-month increase in ASIC hash rate. The company
also noted the volatility of the <a href="https://www.financemagnates.com/cryptocurrency/hive-blockchain-produces-more-btc-in-march-2022-despite-rising-mining-difficulty/" target="_blank" rel="follow">Bitcoin network mining difficulty</a>, which can
significantly impact gross profit margins. </p><p>HIVE Pivots to AI as
Bitcoin Mining Profits Plummet</p><p>In a shift
to align with the burgeoning fields of high-performance computing (HPC) and
artificial intelligence (AI), HIVE Blockchain Technologies <a href="https://www.financemagnates.com/cryptocurrency/crypto-miner-hive-announces-rebranding-wants-to-focus-on-ai/" target="_blank" rel="follow">has announced a
rebranding initiative</a>, transitioning to HIVE Digital Technologies Ltd. This
rebranding reflects the company's strategic pivot from its original
cryptocurrency roots to embrace the rapid growth and widespread adoption of AI
technologies.</p><p>Since its
inception during the cryptocurrency surge in 2017, HIVE has been at the
forefront of digital asset mining. Six years into its journey, the company is
adapting its strategic direction to capitalize on the next wave of market
evolution. HIVE's HPC data centers are equipped with Nvidia's advanced GPUs,
which are crucial for the AI revolution's expansive needs.</p><blockquote><p lang="en" dir="ltr">As AI capability and adoption grow, many workloads will shift from local machines to GPU cloud <a href="https://t.co/W0ImtqnBBX">pic.twitter.com/W0ImtqnBBX</a></p>— HIVE Digital Technologies (@HIVEDigitalTech) <a href="https://twitter.com/HIVEDigitalTech/status/1699471312329019487?ref_src=twsrc%5Etfw">September 6, 2023</a></blockquote><p>The company
is further shifting its focus <a href="https://www.financemagnates.com/cryptocurrency/riot-pivots-to-electricity-and-hive-to-ai-as-bitcoin-mining-profits-plummet/" target="_blank" rel="follow">towards leveraging its Supermicro servers'
capabilities</a> to contribute computational resources to the AI industry. </p><p>"Where
HIVE has been a technology leader in <a href="https://www.financemagnates.com/terms/c/crypto-mining/">crypto-mining</a>, our team with the knowledge
and experience of operating a fleet of approximately 150,000 GPUs during the
Ethereum mining era, now aspires to apply their expertise to the Company's
long-term blue-sky vision to implement our 38,000 Nvidia GPUs for HPC and AI
workloads," Kilic added.</p>

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