Hive Blockchain Q3 Revenue Jumps Fivefold From Previous Year

Crypto miner Hive Blockchain said fiscal third-quarter revenue surged almost 400% to a record $68.2 million compared with the year-earlier period.

Net income from continuing operations jumped to $64.2 million in the quarter ended Dec. 31 from $17.2 million the year before.
The gain was driven by an increase in cryptocurrency prices, the company said in a statement, as well as the acquisition of facilities in Quebec and Atlanta, Ga.
Crypto miners have had a stellar year as crypto prices soared and the firms deployed more computing power. But the bump in hashrate due to the increased deployment is also raising the difficulty of mining on the Bitcoin network. In January, it hit an all-time high.
Hive’s bitcoin production was up 12% in December from the month before, even as the difficulty jumped 10%, according to its latest production data. In January, production jumped another 8% to 264 bitcoin.
Hive’s liquid bitcoin and ether holdings reached a gross value of $168 million, up 11-fold compared with the year before. At the end of December, Hive was holding 1,813 bitcoin and 23,920 ether.
The Vancouver-based miner has opted to hold onto most of the crypto it produces. It sold some ether to finance chip upgrades.

Unmute

UPDATE (Feb. 15, 13:06 UTC): Adds mining industry background in third bullet point, details starting in fourth.

Disclosure

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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.