cryptonews.net
HIVE Blockchain Technologies (HIVE), a publicly listed cryptocurrency mining company, has released its annual bitcoin (BTC) production statistics showing an 18% increase to 4,752 BTC. However, the company highlights the growing difficulty of mining and declining profitability amid the prolonged cryptocurrency winter.
According to the press release, HIVE produced 4,032 BTC in the last calendar year. While this increase has been described as "modest", the company notes that mining difficulty has jumped significantly by 46% over the past 12 months. Thus, if the company had kept its mining potential unchanged, the amount of BTC mined would have dropped by almost half.
In an effort to combat the growing difficulty of mining, which, along with falling BTC prices, is significantly reducing profitability, HIVE has invested in new mining equipment. In 2022, the company purchased 3,570 Bitmain S19j Pro miners and 1,879 HIVE BuzzMiners. In December, the production potential of the miner reached 2.06 EH of the BTC hashrate.
Image: Coincu News