Hive Blockchain Posts Net Income of $42.5M for Year Ended March 2021

Cryptocurrency mining company Hive Blockchain posted net income of $42.5 million for the fiscal year ended March 31, 2021.

The figure compares with a loss of $1.9 million for the previous year, Hive announced Friday.
Income from digital currency mining increased 174% to $66.7 million compared to the previous year.
Throughout the fiscal year, Hive mined 595 bitcoin and 96,300 ether.
The company’s gross mining margin during the year was $50.1 million compared to $8.5 million the year before, which Hive attributes to taking control of its operations in Sweden and ending bitcoin cloud mining, as well as switching to independent mining in Quebec.
Gross mining margin is partially dependent on external network factors including mining difficulty, the amount of digital currency rewards and fees it receives for mining, as well as the market price of digital currencies.
Along with data centers in Sweden and its native Canada, Hive Blockchain also has mining facilities in Iceland and is traded on Nasdaq (Nasdaq:HIVE), the Toronto Stock Exchange (TSX.V:HIVE) and the Frankfurt Stock Exchange (FSE: HBF).

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.