Hive Blockchain’s Crypto Mining Projections: Ether Drops, Bitcoin Rises

Production Forecasts for the Fiscal Quarter

Hive Blockchain, a key player in the publicly traded crypto mining sector, recently made an exciting announcement regarding its production forecasts. For the fiscal quarter ending December 31, the company is projecting to mine approximately 6,900 Ether (ETH) and 670 Bitcoin (BTC). While that’s a dip for Ether compared to the previous quarter, Bitcoin production is on the rise.

Mining Metrics Breakdown

From October 1 to December 21 of this year, Hive has successfully mined 6,280 ETH, showcasing its capability with a rate of over 65 ETH daily heading towards the year-end. This projected total of 6,900 ETH represents a more than 20% decline from the 8,688 ETH mined between July 1 and September 30.

• Eth Mining: Expected drop to 6,900 ETH
• Bitcoin Mining: Anticipated rise to 670 BTC, up from 656 BTC

Factors Impacting Production

Hive attributes the reduction in Ethereum mining largely to the average difficulty of mining increasing by over 16%. The fluctuation in difficulty peaked on December 7, reflecting the influx of new projects into the ecosystem. However, despite this challenge, Hive is buoyed by a significant appreciation in the price of ETH, which has jumped by 50% since September 30, hitting an all-time high of over $4,800 in November.

“The drop in Ether production will be offset partly by the average price of Ether increasing by 45%, and the higher Bitcoin mined in this quarter boosted by the increase in the price of Bitcoin of over 35%.”

Future Strategies and Inventory Plans

According to Hive’s statements, they possess a robust coin inventory of both Ethereum and Bitcoin and aim to continue building their holdings into 2022. This mining firm is also ditching the sell-off and instead, they’re hoarding coins like a dragon with its treasure.

Hive’s Green Energy Endeavors

Recognized for its commitment to green energy, Hive operates mining facilities in Canada, Sweden, and Iceland. The company also made headlines earlier this year by receiving approval to list its shares on the Nasdaq exchange. As of the last check, shares were trading at $2.87, reflecting a more than 2% increase in the last 24 hours.