HIVE Blockchain Technologies used the proceeds from the sale of approximately 10,000 ETH to “finance a strategic relationship with Intel and create new bitcoin miners.”

Representatives of the firm justified the decision by the volatility of the second cryptocurrency in terms of capitalization, as well as the fact that it “overtaken bitcoin at the end of last year.”

“We will continue to sell ETH at strategic times to fund our long-term BTC mining goals,” the company said.

According to them, Ethereum mining is a “highly profitable but less competitive niche”. The proceeds from this can be used to strengthen positions among major bitcoin miners.

HIVE Blockchain also reported an increase in computing power used for digital gold mining – the hash rate increased by 8% in May. The increase was achieved by “installation and modernization of equipment”.

In May, the company mined 273.4 BTC and 2694 ETH. At the end of last month, the hash rate for bitcoin mining was 2.18 EH/s, while the figure for Ethereum was 6.26 TH/s.

“In May, we mined an average of 8.8 BTC per day. “We are pleased to announce that we are currently generating around 9.2 BTC per day, even after the recent 5.5% increase in difficulty,” said Frank Holmes, CEO of HIVE Blockchain.

Recall that in March, HIVE Blockchain signed an agreement with Intel to purchase mining equipment based on the ASIC chip developed by the company.