Hive Blockchain stated that it currently holds 3,239 bitcoin (BTC) and 7,667 Ethereum (ETH) after producing 278.5 BTC and 2,542 ETH in June.
The crypto mining firm also stated that it increased its bitcoin mining hash rate from 2.17 exahash per second (EH/s) to 2.24 EH/s, however, the capacity for Ethereum mining slightly dropped from 6.26 (TH/s) at the beginning of June to 6.0 TH/s, as some miners were taken offline temporarily for layout optimization due to higher summer temperatures.
Hive is confident in the face of market volatility, and CEO Frank Holmes said the company has weathered “crypto winters” before.
As per Holmes, the company has strived to “maintain a strong balance sheet of Bitcoin and Ethereum which is completely unlevered,” and the business remains cash flow positive with no “significant debt.”
“We are cautious, seeking out opportunities and remain firm in our belief that Bitcoin and Ethereum will survive to thrive again after all the over-leveraged players are forced out of business,” Holmes said.
Besides the June report, Hive Blockchain also stated plans to expand in the coming future by selling the current production of BTC and ETH.
“We are able to undertake this strategy and maintain coin inventory levels as a result of keeping a strong balance sheet position and never having entered into any agreements whereby 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 cryptocurrency,” said Hive CFO Darcy Daubaras.
Image source: Shutterstock