Bitcoin Miner Hive Blockchain Holds $68M of BTC, Has No Debt Costs on Equipment

Hive Blockchain is bucking the bearish mining industry trend, holding $68 million on BTC while producing 307 bitcoin in October.

By Oliver Knight

Nov 7, 2022 at 8:35 a.m. UTC

Updated Nov 7, 2022 at 3:55 p.m. UTC

Aside from mining ethereum, the Boden HIVE Blockchain facility is also home to ASICs for mining bitcoin. (Sandali Handagama) — The Boden HIVE Blockchain facility (Sandali Handagama/CoinDesk)

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Follow @OKnightCrypto on Twitter

Canadian Bitcoin miner Hive Blockchain (HIVE) has 3,311 bitcoin worth $68.8 million, according to a production report released Monday.

The report also revealed that Hive has no debt servicing payments in relation to its digital assets or mining hardware, even as several rivals are feeling the squeeze of the bear market.

London-based Argo Blockchain (ARB) is searching for a source of liquidity after a $27 million deal collapsed last week, while in North America Compute North, one of the largest operators of crypto-mining data centers, filed for bankruptcy after owing as much as $500 million to at least 200 creditors. Core Scientific also warned that bankruptcy may be on the cards as it aims to raise capital.

Hive mined 307 bitcoin in October at an average of 115 bitcoin per exahash.

"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 [ether] holdings. In October we produced an average of 9.9 bitcoin per day," Executive Chairman Frank Holmes said in the statement.

UPDATE (Nov. 7, 08:42 UTC): Adds "on Equipment" to headline.

Read more about

Bitcoin Mining HIVE Blockchain Bitcoin

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.