Hive Blockchain is on track to mine more Bitcoin, less Ether this quarter

The Canadian mining company predicted that Ether’s output would drop by more than 20% quarter over quarter, while Bitcoin mining would increase by only 2%.

Hive Blockchain, a publicly listed crypto mining company, expects to generate 6,900 Ether (ETH) and 670 Bitcoin (BTC) for the fiscal quarter ending on Dec. 31, a decrease and increase from the previous quarter, respectively.

Hive claimed in a Wednesday notification to shareholders that from Oct. 1 to Dec. 21, it mined 6,280 Ether and was on target to mine more than 65 ETH every day for the rest of 2021. This estimated total — 6,900 ETH — represents a drop of more than 20% from the 8,688 ETH mined between July 1 and September 30. Hive, on the other hand, expects its Bitcoin production to rise by 2% quarterly, from 656 BTC to 670 BTC.

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“The previously stated investments in next-generation miners and the growth of our Bitcoin mining facilities have fueled this surge [in Bitcoin],” according to Hive. “This decline in Ether production in the current quarter compared to the previous quarter will be largely offset by the average price of Ether growing by 45 percent, and the greater Bitcoin mined in this quarter bolstered by the over 35 percent gain in Bitcoin price in the quarter.”

The slowdown of ETH mining was attributable to the average difficulty growing by more than 16 percent in the current quarter, reaching a high on Dec. 7 as more projects entered the ecosystem, according to the Canadian crypto mining corporation. Hive, on the other hand, said that the “high” ETH price had aided the company’s mining operations as the difficulty level rose. According to Cointelegraph Markets Pro statistics, the price of ETH has increased by more than 50% since September 30, reaching an all-time high of almost $4,800 in November.

“HIVE has a robust coin inventory of both Ether and Bitcoin, with a continued plan to expand our inventory until calendar 2022,” the mining company stated. “We’re not selling coins anymore; instead, we’re banking them till the New Year.”

Hive has operations in Canada, Sweden, and Iceland, and is well-known for its attempts to mine with an emphasis on renewable energy. The company announced in June that it had acquired clearance to list its stock on the Nasdaq stock market. At the time of writing, shares were trading at $2.87, up more than 2% in the previous 24 hours.