One of the top crypto mining companiesBlockchain HIVE, announcement today that it hit record crypto mining production numbers throughout August.
The crypto-miner claims to have unlocked an average crypto transport of around 9.4 Bitcoin (~$187,500) and 97 Ethereum (~$161,000) per day. At today’s prices, HIVE claims to generate nearly $350,000 in crypto every day.
HIVE says it produced a grand total of 3,010 ETH in August, worth nearly $5 million. This represents the lion’s share of the company’s 5,100 Ethereum holdings.
The company is also expected to diversify its mining portfolio ahead of Ethereum’s long-awaited network overhaul, dubbed “the merger.”
The upgrade will move the blockchain from using a proof of work (PoW) consensus mechanism, in which miners with the most computing power mine the most crypto, at a 99.95% greener proof of stake (PoS), where those who stake the most Ethereum validate the most transactions.
However, after the merger, HIVE mining rigs that use GPU cards will no longer be suitable for the PoS version of Ethereum.
The company is now looking to get them to work elsewhere and could, in theory, exploit Ethereum Classic, Litecoin, Monero, Dogecoinand others.
The company “has already begun mining analysis of other GPU-minable coins with its GPU fleet, and is implementing beta testing this week, ahead of the merge“, read today’s announcement.
Decrypt contacted the miner to comment on these other pieces but did not receive a response before publication.
HIVE also said its profit margins had been “marginally affected” by the 9.26% jump in Bitcoin mining difficulty and a 4.4% spike in Ethereum mining difficulty over the past month.
The company also holds 3,258 Bitcoins, which means that today HIVE’s crypto wealth stands at around $73.3 million, making it the third largest crypto mining operation after Core Scientific. and Marathon Digital Holdings, according to Bitcoin Cashwhich has not yet updated its HIVE data with today’s numbers.
HIVE leaves the competition behind
The current Crypto bear market has cost crypto miners dearly this year.
Data from Arcane Research revealed that publicly traded companies Bitcoin miners, like Marathon Digital and Riot Blockchain, sold more Bitcoin than they mined in May, a huge change from the first four months of the year when miners sold just 30% of their earnings.
In July, a update Core Scientific investors said the NASDAQ-listed mining company sold 7,202 Bitcoins last month at an average price of $23,000, leaving it with just 1,959 Bitcoins.
The massive sale was to cover increased overhead at a time of “historical inflation“said general manager Mike Levitt.
In July, crypto miner Argo Blockchain PLC released an operational report for June revealing that it had become the latest Bitcoin mining company to sell more bitcoin than he mined in a month.
Earlier this year, Argo and CleanSpark both had to obtain loans of tens of millions of dollars to acquire more mining equipment.
