Hive Blockchain Posts Record Revenue in Q2 on Higher Crypto Prices

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Canadian crypto miner Hive Blockchain reported document income of $52.6 million in its fiscal second quarter, up 305% from the identical interval final yr, according to a statement.

  • The firm stated the rise in income was primarily as a result of an increase in cryptocurrency costs, the elevated manufacturing of Bitcoin on account of its buy of Quebec and Atlantic amenities and the acquisition of miners for these amenities.
  • The gross mining margin was 86% in the fiscal second quarter, in comparison with 71% in the identical interval final yr.
  • Second-quarter earnings per share rose 433%, to 16c versus 3c final yr, primarily because of the enchancment in gross mining margin, increased cryptocurrency costs, positive factors on the sale of digital currencies, and overseas alternate.
  • The miner stated that at quarter-end it held 1,116 Bitcoin, value $48.4 million and 25,154 Ether, value $74.7 million.
  • Hive stated it’s nearing completion of its two knowledge facilities in New Brunswick, Canada.
  • The shares of the miner have been down 4.7% in early U.S. buying and selling as costs for bitcoin and Ether tumbled greater than 5% on Tuesday.
  • Hive is internet hosting a convention name at 9:30 jap time. CoinDesk will replace this story with any pertinent data from the decision.