Hive Blockchain announced that it now has 3,239 bitcoins (BTC), and 7,667 Ethereums (ETH) after having produced 278.5 BTC in June and 2,542 ETC in June.
The crypto mining company also claimed that it increased its bitcoin mining rate from 2.17 EH/s to 2.24 EH/s. However, the Ethereum mining capability dropped slightly from 6.26 (TH/s). At the beginning of June, to 6.0 Th/s. This was due to some miners being taken offline temporarily to optimize layouts because of the higher summer temperatures.
Hive remains confident in the face market volatility. CEO Frank Holmes stated that the company has been through “crypto winters” before.
Holmes said that the company has tried to “maintain an strong balance sheet in Bitcoin and Ethereum which was completely unlevered.” The business continues to have cash flow positive, with no “significant debt.”
Holmes stated, “We are cautiously looking for opportunities and remain firmly in our belief Bitcoin and Ethereum can thrive again after all of the over-leveraged participants are forced out,” Holmes said.
Hive Blockchain, in addition to the June report, also announced plans to Expand In the future, by selling current production of BTC/ETH.
Darcy Daubaras, Hive CFO, stated that the strategy was possible because of the strong balance sheet and the fact that no agreements were entered into where our coin holdings were staked, placed up as collateral or put at risk of being called upon by any other party to cover a position caused by the current fall in cryptocurrency prices.
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