Canadian bitcoin Miner Hive Blockchain has 3,311 Bitcoins (BTC) worth $68.8 million, according to a production report released Monday.
Bitcoin Mining Company Hive Blockchain Also Announces It Doesn’t Have Any Debt
The report also revealed that Hive does not have any debt servicing payments related to its digital assets or mining hardware, even as several of its competitors are feeling the pressure of the bear market.
London-based Argo Blockchain is looking for a source of liquidity after a $27 million deal collapsed last week. cryptocurrency Compute North, one of the largest operators of mining data centers, filed for bankruptcy after borrowing up to $500 million to at least 200 creditors.
Core Scientific also warned that bankruptcy could be imminent as it aims to raise capital.
Hive mined a total of 307 BTC, with an average of 115 Bitcoins per exahash in October.
Frank Holmes, the company’s chairman of the board, said in a statement:
“Even though the Bitcoin network difficulty is at an all-time high, we are very happy to be generating over 300 BTC per month, which is about 1% of the global network. We sold all our Ethereum holdings. We produced an average of 9.9 Bitcoins per day in October.”
Cryptocurrency mining companies around the world started to release their BTC stocks, contrary to their previous behavior due to the fall in the BTC price. During the bull market, these companies preferred not to sell the BTCs they had issued more, but instead to face the costs by selling stocks.
*Not investment advice.
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