1 Exahash Bitcoin Production Target Achieved
HIVE is proud to announce that our global hash rate from Bitcoin mining will exceed 1 EX/s today. Over the past 24 hours in Canada the Company has received deliveries of 1,845 Bitcoin miners with a total hashrate of 172 Petahash per second. These miners will be deployed between our 2 Canadian data centres. 945 miners will be located in Lachute, Quebec and 900 miners Grand Falls, New Brunswick.
“This is a monumental achievement for us as we continue to our goal of over 3 EX/s by the end of fiscal 2022, including the conversion of ETH, a goal which is greatly supported by today’s announcement of new miner deliveries,” Frank Holmes, Executive Chairman of HIVE continued, “This achievement has been challenging because of the global shortages in chips and logistics delays in shipping equipment from Asia due to Covid 19.”
These recent miner deliveries are a result of our strategy to increase our bitcoin mining capacity which includes the sourcing of mining equipment from leading industry manufacturers. HIVE intends to continue to utilize cash flow to make opportunistic investments and upgrade our fleet of BTC and ETH mining equipment on a regular monthly basis.
Our strong hashrate from both Bitcoin and Ethereum is resulting in a daily income of over $600,000, or an annual run rate of $220 million, based on the current difficulty, global hash rates, and Bitcoin and Ethereum prices, with estimated annual expenses of $25 million. As expansion continues to ramp up this number will increase. As always, we caution our investors that Bitcoin and Ethereum continue to have a high daily volatility of plus or minus 6% and investors need to be aware of this volatility. Our current inventory of coins invested in Bitcoin and Ethereum are valued at $116 million.
BTC Production Trend and HODL Update
Presently we hold 946 Bitcoin in cold wallet custody. The Company is pleased to provide the following update on its global BTC growth in production for the current 2022 fiscal year:
April 2021 64 BTC
May 2021 73 BTC
June 2021 86 BTC
July 2021 200 BTC
We will report on our August 2021 Bitcoin production in an upcoming press release after the month has ended. Source Cryptocurrency Stock News: HIVE Blockchain (TSX.V: HIVE) (OTCQX: HVBTF) Achieves 1 Exahash in Bitcoin Mining (investorideas.com)