Hive Blockchain Reveals No Debt Costs as it Holds 3,311 Bitcoin
Hive sold all of its ETH holdings after vowing to produce other GPU mineable coins following Ethereum shifts to Proof-of-Stake. Prominent Bitcoin miner Hive Blockchain revealed having 3,311 Bitcoin, worth more than $68 million, as of November 5, 2022. Canadian firm said it does not have expensive borrowing against equipment such as ASICs or GPU chips, or digital assets.
Amidst Bitcoin’s price hovering around $20k, difficulty soaring, and high energy costs, miners in the network are under tremendous pressure. Mining companies, too, have been reeling under the bear market. Compute North filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of Texas earlier this year, while Iris Energy disposed of $100 million in equity in a bid to generate some cash. Firms such as Argo and CleansSpark borrowed millions against their mining equipment.
Source
https://t.me/CryptoMarketUpdates
