The disruptive bear market caused immense chaos in the market. With Bitcoin [BTC] trading at a low, miners barely made any profits. While several miners were on the verge of bankruptcy, a few others continued to thrive. HIVE Blockchain, a Canadian Bitcoin miner was one among the latter.
As per its latest production report, the firm continued to hold Bitcoin worth $68.8 million which is about 3,311 BTC. It should be noted that Hive mined a whopping 307 BTC in October alone. This was at an average of 115 BTC per exahash.
Speaking about the same, Executive Chairman Frank Holmes of HIVE said,
“We are very happy to be producing over 300 Bitcoin per month, which is about 1% of the global network, even when network difficulty is at an all-time high. We have sold all our Ethereum holdings. In October we produced an average of 9.9 Bitcoin per day,”
As seen above, Holmes noted that all of the firm’s Ethereum holdings were sold. Back in September 2022, the firm entailed a total of 356 ETH. The Merge certainly seemed to have switched up things for HIVE.
Additionally, according to the report, Hive has no debt servicing obligations related to its digital assets or mining equipment, even while a number of its competitors are feeling the pinch of the bear market.
Is Bitcoin mining profitable at its current price?
At press time. the world’s largest cryptocurrency was trading for $20,726.58 with a 2.48 percent daily drop. Bitcoin managed to surge beyond $21K for the first time in quite some time. However, this trend did not seem to last.
The above image indicated that Bitcoin mining profitability has witnessed a drastic drop over the last couple of months. At present, BTC mining profitability was at 0.0687 USD/Day for 1 THash/s.