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.
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.
Learn more about Consensus 2023, 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.