- HIVE Blockchain Technologies (HIVE) reported revenues of $52.6 million for the second quarter of 2022
- Net income reached $59.8 million, up 342 per cent from last quarter and 549 per cent year-over-year
- HIVE ended the quarter with digital assets of $123.1 million
- The company is building two new data centres at its campus in New Brunswick
- HIVE Blockchain Technologies provides infrastructure solutions in the blockchain industry
- HIVE Blockchain Technologies Shares are down 6.81 per cent, trading at $4.93 per share
HIVE Blockchain Technologies (HIVE) reported revenues of $52.6 million for the second quarter of 2022.
The record revenue represents an increase of 41 per cent compared to the previous quarter and is up 305 per cent year-over-year.
It was driven primarily by a strong gross mining margin, which reached $45 million for the quarter, representing 86 per cent of income from digital currency mining.
Net income reached $59.8 million, up 342 per cent from last quarter and 549 per cent since the prior year. The improvement was driven primarily by the improvement in gross mining margin, higher Ethereum and Bitcoin prices, gains on the sale of digital currencies, and foreign exchange.
Frank Holmes, HIVE’s Executive Chairman, commented on the results.
“We wish to thank our loyal shareholders for believing in our vision to mine both Ethereum and Bitcoin to generate robust cash flow returns on invested capital,” he said, “and believe this report validates the significant contribution to our strategy to mine both BTC and ETH and HODL as many coins as possible.”
HIVE ended the quarter with an additional $29.7 million in working capital and digital assets of $123.1 million.
The company is building two new data centres at its campus in New Brunswick, the first of which is expected to be commissioned by mid-December.
During the second quarter, HIVE invested heavily in new Bitcoin miners to fill up these new data centres. At quarter-end, the company had more than 16,000 new BTC miners on order.
And since then, the company has announced a $100 million capital raise to invest in new Bitcoin mining equipment.
“I’m pleased to see our infrastructure investments of the past few years really paying off,” said Mr. Holmes. “We feel like HIVE is in a fantastic spot to benefit from the current boom in crypto adoption.”
HIVE Blockchain Technologies is in the business of providing infrastructure solutions in the blockchain industry, including the mining of digital currencies.
Shares in HIVE Blockchain Technologies Ltd. (HIVE) are down 6.81 per cent, trading at $4.93 per share as of 9:34 am ET.