Vancouver, British Columbia, Mar 08, 2022 (Newsfile Corp via COMTEX) -- Vancouver, British Columbia--(Newsfile Corp. - March 8, 2022) - HIVE Blockchain Technologies Ltd. /zigman2/quotes/202324457/delayed CA:HIVE -0.56% /zigman2/quotes/208543683/composite HIVE -0.54% (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 February 2022, with a BTC HODL balance of 2,374 Bitcoin as of February 28, 2022. The Company is also providing an update on its at-the-market offering, and conclusion of the Canadian at-the-market agreement.
To clarify the Company's recent press release of March 7, 2022, our planned 100 megawatt Texas facilities with Compute North could operate up to 4.0 Exahash per second of new generation ASIC miners.
February 2022 Production Figures
HIVE is pleased to announce its February 2022 production figures and mining capacity:
244.4 BTC Produced
1.9 Exahash of Bitcoin mining capacity
1,814 ETH Produced
Increased Ethereum mining capacity from 4.56 to 4.88 Terahash during February
HODL position grows to 2,374 BTC
Frank Holmes, Executive Chairman of HIVE stated, "We are pleased to report HIVE has maintained its strong Bitcoin hashing power through the month of February even as the network difficulty rose. In February we produced an average of 8.7 BTC per day, and note that as of today, we are producing approximately 8.8 BTC a day."
Aydin Kilic, President & COO of HIVE noted, "We continue to strive for operational excellence, ensuring that as we scale our hashrate as a company we also optimize our uptime, to ensure ideal 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. As such the ETH that HIVE produced during the month of February, equated on a daily basis, is approximately equal to a monthly total of 132.6 BTC, which we refer to as Bitcoin equivalent or BTC equivalent. This is in addition to the 244.4 BTC produced from our Bitcoin mining operations during February, for a total of 377.1 Bitcoin equivalent."
The Company's total Bitcoin equivalent production in February 2022 was:
377.1 BTC Equivalent Produced
13.5 BTC Equivalent produced per day on average
2.84 Exahash of BTC Equivalent Hashrate (BTC hashrate plus equivalent ETH Hashrate as of February 28)
Update on Network Mining Difficulty and Winter Energy Markets
The Bitcoin network difficulty increased as much as 5% and similarly the Ethereum network difficulty was stable during the month of February. These factors impact our gross profit margins.
For the second consecutive month, in February our production would have been slightly higher than actuals, if not for the continuing curtailment of energy during the month under our agreement with Quebec Hydro. This seasonal curtailment continued to affect numerous crypto-mining companies operating in Quebec, along with HIVE. In addition, in New Brunswick we continued to experience, as expected, a temporary seasonal rise in energy prices.