JAKARTA - Publicly traded crypto mining company Hive Blockchain hopes to generate 6,900 Ether (ETH) and 670 Bitcoin (BTC) for the fiscal quarter ending December 31. This marks a decrease and increase respectively from the previous quarter.
In its Wednesday, December 22 notification to shareholders, Hive said it had mined 6,280 Ether from October 1 to December 21 and was on track to mine more than 65 ETH daily for the rest of 2021.
This projected total — 6,900 ETH — will represent a drop of more than 20% from the 8,688 ETH the company mined from July 1 to September 30. However, Hive expects its Bitcoin production to increase by 2% every three months, from around 656 BTC to 670 BTC.
“This increase [in Bitcoin] has been driven by previously announced investments that have been made into a new generation of miners and the expansion of our Bitcoin mining facility,” Hive reported, as quoted by Cointelegraph.
“The decline in Ether production in the current quarter compared to the previous quarter will be partially offset by the average price of Ether increasing by 45%, and higher Bitcoin being mined this quarter driven by a quarter year increase in Bitcoin price of more than 35%, said a source at Hive.
The Canadian crypto mining company attributed the slowdown in ETH mining to average difficulty increasing by more than 16% in the current quarter, including a peak on December 7 as more projects entered the ecosystem.
However, Hive also said the "strong" price of ETH had helped the company support mining operations as difficulties increased. According to data from Cointelegraph Markets Pro, the price of ETH is up more than 50% since September 30 reaching an all-time high of over $4,800 in November.
“HIVE has a healthy coin inventory for Ether and Bitcoin and has an ongoing strategy to build our inventory through calendar 2022,” the mining company said. "We no longer sell coins but keep them for the New Year."
Known by many for its efforts to mine with a focus on green energy, Hive has facilities in Canada, Sweden and Iceland.
In June, the company announced it had received approval to list shares on the Nasdaq stock exchange. At the time of publication, the stock was trading at $2.87, up more than 2% in the last 24 hours.
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