Vancouver, British Columbia, Jun 06, 2022 (Newsfile Corp via COMTEX) -- Vancouver, British Columbia--(Newsfile Corp. - June 6, 2022) - HIVE Blockchain Technologies Ltd. /zigman2/quotes/202324457/delayed CA:HIVE +2.19% /zigman2/quotes/208543683/composite HIVE +1.39% /zigman2/quotes/205680670/delayed DE:HBFA +1.45% (the "Company" or "HIVE") is pleased to announce the production figures from the Company's global Bitcoin and Ethereum mining operations for the month of May 2022, with a BTC HODL balance of 3,186 Bitcoin as of June 5, 2022.
May 2022 Production Figures
HIVE is pleased to announce its May 2022 production figures and mining capacity:
273.4 BTC Produced
2,694 ETH Produced*
2.15 Exahash of Bitcoin mining capacity at beginning of May
Increased to 2.18 Exahash of Bitcoin mining capacity at end of May
6.26 Terahash of Ethereum mining capacity at beginning of May
6.26 Terahash of Ethereum mining capacity at end of May
*The Company's production of ETH from GPU mining (including selective optimizations of GPU hashrate) has yielded a total ETH production of 2,694 ETH
Frank Holmes, Executive Chairman of HIVE stated, "We are pleased to report in May HIVE continued its strong momentum in expanding our hashrate, notably our Bitcoin mining hashrate grew by 8% this month, through installations and electrical upgrades. In May we produced an average of 8.8 BTC per day, and we are pleased to note that as of today, we are producing approximately 9.2 BTC a day even after the recent difficulty increase of 5.5%."
Aydin Kilic, President & COO of HIVE noted, "Our operational team continuously strives for excellence, ensuring that as we scale our hashrate as a company we also optimize our uptime, to ensure maximized Bitcoin and Ethereum output figures. Mr. Kilic continued, "We also would like to provide an update on the BTC and ETH equivalency, where one can equate value of the coins produced daily. The ETH that HIVE produced during the month of May, equated on a daily basis, is approximately equal to a monthly total of 185.8 BTC, which we refer to as Bitcoin equivalent or BTC equivalent. This is in addition to the 273.4 BTC produced from our Bitcoin mining operations during May, for a total of 459.2 Bitcoin equivalent."
The Company's total Bitcoin equivalent production in May 2022 was:
459.2 BTC Equivalent (ETH + BTC) Produced
14.8 BTC Equivalent produced per day on average
3.4 Exahash of BTC Equivalent Hashrate (BTC hashrate plus equivalent ETH Hashrate as of May 31)
Market Sentiment for Top 100 Technology Stocks and Bitcoin
The correlation between Bitcoin price trends and top 100 tech stocks is 93%. Further, the correlation between bitcoin miners and bitcoin prices is +90%. The trend has been harsh and down over the past year, especially year to date with rising inflation and rising interest rates fears. In fact, the negativity is very high as reported by our primary stock exchange that 25% of our total traded value is shorted  . Historically a large short position and a price reversal up from such an over sold level in Bitcoin prices are the ingredients for the HIVE stock outperforming digital assets such as Bitcoin and Ethereum.
We are frustrated like most loyal long-term shareholders that we are not enjoying a premium as measured in revenue, cash flow multiples for superior execution, green energy focus and ESG strategy. Important for our shareholders as we weather the Bitcoin winter together, is that management remains focused on basic business fundamentals. We are laser focused on increasing our revenue, cash flow and Bitcoin HODL position on our balance sheet. We have a solid plan to build our data center business globally as this infrastructure is key to rising Bitcoin production with a high degree of efficiency.
The stock reverse spilt has been completed and we urge shareholders to watch our latest corporate update here on YouTube to better understand that the stock price is not a fair and reasonable price relative to our track record, growth plans and negative sentiment towards Tech stocks, especially bitcoin miners.
1 Year Ahead Hashrate Growth Outlook
HIVE is pleased to update investors on the Company's growth plans for the year ahead. The Company will be at 6.2 Exahash BTC equivalent hashrate in one year, based on contracted monthly deliveries of ASIC and GPU hardware (with deposits in place), up from 3.4 Exahash of BTC equivalent hashrate today.
HIVE's treasury of Bitcoin and Ethereum mined with green energy is currently valued at approximately USD $122 million.
The Company has been consistently receiving these ASIC and GPU deliveries monthly and expects this to continue on schedule. HIVE has carefully endeavoured to balance sustainable growth of its data center infrastructure to optimize the incoming ASIC and GPU hardware orders, so that we have maximum operating hashrate, and the best efficiency in Bitcoin per Exahash amongst industry peers.