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.

Oct 4, 2021 at 8:30 a.m. UTC
Updated Oct 4, 2021 at 2:08 p.m. UTC

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.

DISCLOSURE

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.

Jamie Crawley is a CoinDesk news reporter based in London.