Hive Blockchain, a cryptocurrency mining firm, generated 278.5 BTC and 2,542 ETH in June.
According to a Thursday statement, the corporation now has 3,239 bitcoin and 7,667 ether.
Hive boosted its bitcoin mining hash rate from 2.17 to 2.24 exahash per second (EH/s). According to the statement, Ethereum mining capacity fell from 6.26 (TH/s) at the start of the month to 6.0 TH/s as some miners were temporarily taken offline for layout adjustment due to increased summer temperatures.
Hive CEO Frank Holmes stated that the company has been able to manage recent market turbulence since it has previously weathered “crypto winters.” According to Holmes, the organization has worked hard to “keep a strong balance sheet of Bitcoin and Ethereum that is fully unlevered.” The CEO also stated that the company is cash-flow positive and has no “substantial debt” other than a long-term real estate mortgage with a Canadian bank at less than 4% interest.
The company intends to fund its future expansion by selling current bitcoin and ether output while “striving to preserve” bitcoin inventory levels.
Hive CFO Darcy Daubaras said, “We are able to pursue this strategy and maintain coin inventory levels because we have a strong balance sheet position and have never entered into any agreements in which our coin holdings have been staked, put up as collateral, or otherwise put at risk of being called by another party to cover a position due to the current decline in the price of a cryptocurrency.”
Some of the miners who generally keep their mined bitcoin reported selling a big chunk of their holdings last month, including Bitfarms, Core Scientific, and Argo.