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According to a report made public on Monday, the Canadian Bitcoin miner Hive Blockchain (HIVE) has 3,311 bitcoin valued at $68.8 million. Additionally, the investigation indicated that Hive has no debt servicing obligations related to its digital assets or mining equipment, despite the fact that many of its competitors are experiencing the effects of the bear market. The bitcoin miner reported that the amount of bitcoin on its financial statements has increased since the conclusion of the previous fiscal quarter.
Hive Blockchain Reports
Hive Blockchain observed that this rise in Bitcoin treasury occurred when it has finished paying out financial obligations for ASIC and infrastructure expansion. The Company considers that in the cryptocurrency mining sector, a cautious treasury management approach with a long-term perspective is crucial for protecting the balance sheet from market turmoil and increasing profits for shareholders. In October, Hive generated 307 bitcoin at an average rate of 115 bitcoin per exahash. Frank Holmes, the executive chairman stated that even though the network complexity is at an all-time high, the mining company is thrilled to be creating more than 300 Bitcoin each month, or around 1% of the whole network.