Blockchain

Hive Blockchain First-Quarter Profit Jumps More Than Tenfold

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.

Jamie Crawley is a CoinDesk news reporter based in London.

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Jamie Crawley is a CoinDesk news reporter based in London.

Source: https://www.coindesk.com/business/2021/10/04/hive-blockchain-first-quarter-profit-jumps-more-than-10-fold/

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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