Hive Earned Equivalent of 184 BTC From Curtailing Its Power Use in December

The miner has also installed the first Buzzminers, computers it designed using Intel's new bitcoin mining chip.

AccessTimeIconJan 9, 2023 at 10:57 a.m. UTC
Updated May 9, 2023 at 4:05 a.m. UTC

Canadian bitcoin miner Hive Blockchain (HIVE) earned $3.15 million, or the equivalent of about 184 bitcoin, by curtailing its power use in December whereas it mined 213.8 BTC for the month.

Miners have been cutting back their power use at times of high demand for energy, selling the electricity back to the grid, in order to cope with market headwinds that have seen some of the biggest names in the industry filing for Chapter 11 bankruptcy.

Hive uses a mix of computers purpose-built for bitcoin mining, known as application-specific integrated circuits (ASIC), and general purpose graphics processing units (GPU) to mine other tokens. The miner converts the alt-coins to bitcoin after mining them.

Hive's production was down about 20%, or 50 BTC, month on month. But the difference was more than made up by Hive's grid balancing activities, according to its December update, released on Monday.

Hive stock was up 2.2% on pre-market trading on the day, along with the broader crypto market.

The mining company also deployed the first machines that it has designed itself using Intel's (INTC) Blocksale chips. Hive installed 1,423 of the so-called Buzzminers, whereas all 5,800, totalling 620 petahash/second (PH/s) of computing power, will be shipped by the end of January, Hive said.

All in all, Hive mined the equivalent of 4,752 BTC throughout 2022, up 18% compared to the previous year.


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Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.