Hive Blockchain’s crypto mining income rose by 174% to $66.7 M

Hive Blockchain’s crypto mining income rose by 174% to $66.7 M

The firm additionally reported a report internet income of $42.5 million for the interval, a major enchancment from final 12 months’s lack of $1.9 million.

While most companies are struggling throughout the pandemic, crypto mining corporations have been raking in income throughout the interval. For occasion, Hive blockchain noticed its income rise by 174 p.c.

Nasdaq-listed Hive introduced that its income from crypto mining rose to $66.7 million for the fiscal 12 months ended March 31, 2021, representing a 174 p.c rise from the earlier 12 months’s income of the agency.

The firm additionally reported a report internet income of $42.5 million for the interval. This is an enormous enchancment from final 12 months’s lack of $1.9 million.

The crypto mining agency’s gross margin additionally rose to $50.1 million from final 12 months’s $8.5 million. Meanwhile, it reported a internet income per share of $0.12, up from a lack of $0.01 from the earlier fiscal 12 months.

“Fiscal 2021 was an unbelievable 12 months for HIVE. Despite the results of COVID-19 we now have achieved report outcomes and continued to improve our Ethereum and Bitcoin mining capability,” Hive Interim Executive Chairman Frank Holmes mentioned. “During the fiscal 12 months, we assumed direct accountability for all our cryptocurrency mining operations from our former strategic accomplice and continued to see vital reductions within the overhead of those operations, which included our Ethereum mining facility in Iceland.”

Holmes added that it considerably elevated its Bitcoin mining operation after buying Cryptologic Corp in April 2020. The firm additionally bought further Bitcoin mining gear to broaden the ability’s capability.

Hive upgraded its Ethereum mining amenities in Sweden and Iceland by swapping most of its 4 gigabytes GPU reminiscence playing cards to 8 gigabytes. “We additionally undertook a company restructuring in Sweden to change into a Data Centre enterprise with a long-term HPC technique whereas remaining true to our roots as an Ethereum miner,” Holmes added.

With the growth of its Ethereum mining capability, Hive was ready to HODL 25,000 ETH. “Ethereum market situations for miners improved considerably during the last 12 months, pushed by worth will increase and the adoption of the community for decentralized finance purposes,” Holmes defined.

The firm additionally plans to HODL Bitcoin and bought new ASIC machines to broaden its BTC mining capability. “Bitcoin mining situations have additionally improved with robust worth improve because the halving on May 11, 2020, the date when HIVE began mining with new technology miners at its facility in Quebec,” he added. “We proceed to consider we’re well-positioned to profit from the continued adoption of Ethereum and Bitcoin globally.”

TokenPost | [email protected]

Recommended For You

About the Author: Daniel