Hive Blockchain Bucks The Bearish Trend By Holding $68 Million In Bitcoin

The extreme microeconomic factors, rising inflation, and increased energy cost have impacted the profitability of Bitcoin miners. Amid the ongoing bear market, many Bitcoin miners find it difficult to stay afloat and maintain their operation costs. Moreover, the Bitcoin hash rate is surging, further increasing the pressure on miners. Most miners obtained high-interest loans, which they could not offset due to the current economic conditions. Related Reading: What Happens To Dogecoin If Twitter Fails To Implement Crypto Plans? According to a Bloomberg report, some mining firms like Core Scientific have warned investors of impending bankruptcy. Other Bitcoin miners, such as Iris Energy and Argo Blockchain, are among the mining firms feeling the pain from the harsh conditions. HIVE Declares Debt-free Balance Sheet Amid Bearish Mining Returns However, in all these difficulties, a Canadian Bitcoin miner called Hive Blockchain (HIVE) reportedly released its production report. The report revealed that Hive Blockchain has 3,311 Bitcoin worth $68.8 million. The report showed that the mining firm is debt-free while its counterparts feel the pinch from the crypto winter. In October, HIVE mined 307 BTC at an average of 115 BTC per exhaust. In a statement, the executive chairman of HIVE, Frank Holmes, confirmed how proud they are of the results. Holmes said they are happy to produce above 300 BTC monthly. According to the CEO, they produce...