Hive Blockchain mined 31% more bitcoins during July-September than during the same period a year earlier.
Hive Blockchain increased its corporate hash rate in July-September, mining 31% more bitcoins (858 BTC) than during the same period a year earlier, according to Hive Blockchain reports. The Vancouver-headquartered company intends to continue expanding its production capacity despite the bearish phase of the market. At the same time, the company reduced its Ethereum mining by 15.9% year-over-year in July-September, to 7,309,000 Ethereums.
The increase in bitcoin mining is associated with the opening of a new unit in New Brunswick, which has already launched 17.3 thousand miners. As the company noted:
“Strategically, we haven’t borrowed expensive money or mortgaged our mining equipment or lent bitcoins against costly loans, so our balance sheet looks financially sound to be able to move forward. We have bonds with a small coupon yield that our investors have agreed to, we also have an attractive energy rate that has renewable generation, and frugal bitcoin miners – that also helps us move forward.”
According to Hive Blockchain, the organization had 1,116,000 BTC and 25,154,000 ETH on its balance sheet at the end of the reporting period.
The development of its mining activity is also engaged in the development of another participant in this sphere – the American Applied Digital, based in Texas. To this end, it intends to borrow from a local bank, Vantage Bank Texas, for up to $15 million, on top of $4.7 million in credit resources, according to the document U.S. Securities and Exchange Commission.
With inflation in the U.S. at 7.7% per annum in October, Applied Digital’s existing credit line with maturity in April 2028 has an interest rate below inflation at 6.15% per annum. The company intends to increase the total corporate capacity of its bitcoin mining site to 200 mW.