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HIVE Ups Bitcoin Production in First Full Quarter Without Ethereum Mining

Crypto miner HIVE Blockchain increased its Bitcoin production in the final three months of last year, despite the ongoing crypto winter and the end of its Ethereum mining operations.

The Vancouver-based business mined 787 new Bitcoin in the quarter ending December 31, 2022, an increase of 13% year-on-year. In a statement, the company chalked the higher output up to the completion of its New Brunswick data center.

Despite the increased production, HIVE brought in just $14.3 million in revenue for the quarter, less than half the $29.6 million total it made in the previous three-month period.

The figures reflected HIVE’s first full quarter without any Ethereum mining revenues, following the protocol’s transition to proof of stake in September in a process known as the “Merge.”

(By Alys Key)

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