[ad_1]
Canadian blockchain miner HIVE Blockchain (NASDAQ:HIVE) produced 264 Bitcoin (BTC-USD) in November from ASIC and GPU mining, compared to 307 BTC in October. The company continued to face challenges in November due to 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 average monthly miner hashrate (a measure of the computing power of a blockchain network) came in at 2.51 Exahash.
Following the Ethereum merger, the lack of Ethereum mining had a significant impact on HIVE. The company’s Etherium mining business generated higher gross margins than the Bitcoin mining business. HIVE has reallocated its Ethereum mining facilities to BTC mining.
HIVE’s profitability has been under pressure due to the negative impact of the Ethereum meltdown, rising energy costs, falling Bitcoin prices, and the increasing difficulty of mining Bitcoin. The company is trying to improve its profitability by improving the efficiency of its mining fleets through the purchase of more energy-efficient equipment.
Is HIVE a good stock to buy?
HIVE stock has fallen nearly 86% so far this year and is currently trading below $2. Crypto stocks fell amid the crypto winter, which got worse due to the collapse of FTX. Prospects for a near-term rebound look bleak amid mounting macro pressures.
Disclosure
|
Sources 2/ https://news.google.com/__i/rss/rd/articles/CBMiZWh0dHBzOi8vd3d3LnRpcHJhbmtzLmNvbS9uZXdzL2hpdmVzLW5hc2RhcWhpdmUtbm92ZW1iZXItYnRjLXByb2R1Y3Rpb24tZmFsbHMtYW1pZC1oYXJzaC1jcnlwdG8td2ludGVy0gEA?oc=5 The mention sources can contact us to remove/changing this article |
[ad_2]