Hive Blockchain produces 278.5 Bitcoin in June

Hive Blockchain announced the production figures from the company's global Bitcoin and Ethereum mining operations for the month of June, with a BTC HODL balance of 3,239 Bitcoin and 7,667 Ethereum as of July 6. Hive's mining capacity includes; 278.5 BTC produced; 2.17 Exahash of Bitcoin mining capacity at beginning of June; increased to 2.24 Exahash of Bitcoin mining capacity during the month of June, and 2.0 Exahash at the end of June as some miners were temporarily taken offline and are the process of being swapped out for higher efficiency miners and layout optimization; 2,542 ETH produced; 6.26 Terahash of Ethereum mining capacity at beginning of June and 6.0 Terahash of Ethereum mining capacity at end of June as some miners were taken offline temporarily for layout optimization due to higher summer temperatures. The company's total Bitcoin equivalent production in June 2022 was: 420.8 BTC equivalent produced; 14.0 BTC equivalent produced per day on average; 3.2 Exahash of BTC equivalent hashrate as of June 30), although the company's BTC equivalent hashrate peaked at 3.5 Exahash during the month, towards the end of the month some miners were taken offline for layout optimization. Frank Holmes, executive chairman of Hive stated "HIVE is experienced in managing the recent volatility since we were the first digital asset mining company to go public in 2017 and have experienced both price surges and massive downdrafts or "crypto winters" before and have strived to maintain a strong balance sheet of Bitcoin and Ethereum which is completely unlevered. The Company maintains its business as a cash flow positive enterprise, without any significant debt (aside from a long-term real estate mortgage from Canadian bank with less than 4% interest), and no equipment financing on any of our ASIC and GPU fleet. In June we produced an average of 14.0 Bitcoin Equivalent per day, comprised of approximately 9.0 BTC per day and our Ethereum production. We are pleased to note that as of today, we are producing approximately 9.4 BTC a day in addition to approximately 90 Ethereum per day. We are seeing the 'Great Unwind' of highly leveraged Proof of Stake fin-tech companies that represented themselves as modern crypto lending platforms. This unwind is causing selling pressure in the crypto markets at large. We see how the abuse of leverage without regulation, which is endemic in Proof of Stake projects, causes volatility. We believe imprudent 'crypto cowboys' have created a situation akin to the Long Term Capital Management LP (LCTM) crisis of 1998, yet this time without a Federal Reserve to bail them out."