Canadian blockchain miner HIVE Blockchain (NASDAQ:HIVE) produced 264 Bitcoin (BTC USD) in November from ASIC and GPU mining operations, up from 307 BTC in October. The company continued to face challenges in November amid contagion concerns from the implosion of digital asset exchange FTX, rising interest rates and the energy crisis.
HIVE produced 224.7 bitcoin from its ASIC mining operations, while the GPU fleet produced 39.3 bitcoin. The miner’s monthly average hash rate (measures the processing power of a blockchain network) was 2.51 exahash.
After the Ethereum merge, the lack of Ethereum mining has had a significant impact on HIVE. The company’s Etherium mining business generated higher gross margins than its Bitcoin mining business. HIVE has repurposed its Ethereum mining rigs to mine BTC.
HIVE’s profitability has been under pressure due to the negative impact of the Ethereum merger, higher energy costs, the collapse in bitcoin prices, and increasing difficulties in bitcoin mining. The company is trying to improve its profitability by making its mining fleet more efficient by purchasing more energy-efficient equipment.
Is HIVE a Good Stock to Buy?
HIVE stock is down nearly 86% so far this year and is currently trading below $2. Crypto stocks have plummeted amid the crypto winter made worse by the collapse of FTX. The prospects for a short-term recovery look bleak as macroeconomic pressures mount.
disclosure
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.