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Hive Blockchain First-Quarter Profit Jumps More Than Tenfold
Hive Blockchain said fiscal first-quarter profit climbed to $18.6 million from $1.8 million in the year-earlier period.
Updated May 11, 2023, 7:07 p.m. Published Oct 4, 2021, 8:30 a.m.
Hive Blockchain, a Vancouver-based crypto mining company, said fiscal first-quarter profit surged tenfold from a year earlier.
- Hive Blockchain (NASDAQ: HIVE) recorded net income of $18.6 million for the quarter ended June 30 2021 compared with $1.8 million the year before.
- Gross mining margin widened to $31 million from $2.6 million.
- Hive also reported holding 25,000 ETH and 1,030 BTC.
- Hive attributes the performance to the acquisition of a new data center in New Brunswick, Canada, in April, providing the company with greater autonomy over its operations.
- During the quarter, Hive also expanded and upgraded mining equipment, which was partially funded by an $100 million funding program and partially through the sale of ether.
Read more: Hive Blockchain Posts Net Income of $42.5M for Year Ended March 2021
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