Bitcoin miner Hive grew its hash rate by 8% in May

Bitcoin miner Hive grew its hash rate by 8% in May, according to the company's most recent operational update.

"We are pleased to report in May HIVE continued its strong momentum in expanding our hash rate, notably our Bitcoin mining hash rate grew by 8% this month, through installations and electrical upgrades," said CEO Frank Holmes.

In May, Hive mined 273.4 BTC and 2,694 ETH. By the end of the month, the company had 2.18 exahash per second (EH/s) of Bitcoin mining capacity and 6.26 terahash per second (TH/s) of Ethereum mining capacity.

"In May we produced an average of 8.8 BTC per day, and we are pleased to note that as of today, we are producing approximately 9.2 BTC a day even after the recent difficulty increase of 5.5%," Holmes also said.

The company said that it plans to reach 6.2 EH/s in BTC equivalent (a number that combines Bitcoin and Ethereum) in one year — up from 3.4 EH/s now.

The company also addressed its stock value, which, in line with other bitcoin miners, has been on the decline:

"The stock price is not a fair and reasonable price relative to our track record, growth plans and negative sentiment towards Tech stocks, especially bitcoin miners. We are frustrated like most loyal long-term shareholders that we are not enjoying a premium as measured in revenue, cash flow multiples for superior execution, green energy focus and ESG strategy. Important for our shareholders as we weather the Bitcoin winter together, is that management remains focused on basic business fundamentals."

Hive recently consolidated its stock in a 5-t0-1 ratio, in an effort to reduce the number of outstanding shares and increase their price, ultimately making its stock more attractive for investors.

About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).

More by Catarina Moura