- HIVE (HIVE) has reported US$68M in Q3 revenue, up 30 per cent from Q2 and 397 per cent YoY
- Net income reached US$64.2M, up 7 per cent from Q2 and 273 per cent YoY
- The increases are due to a rise in cryptocurrency prices and increased Bitcoin production
- HIVE Blockchain Technologies mines for Bitcoin and Ethereum with facilities in Canada, Sweden and Iceland
- HIVE Blockchain Stock is up by 9.38 per cent trading at $2.80 per share
HIVE (HIVE) has reported US$68M in Q3 revenue, up 30 per cent from Q2 and 397 per cent YoY.
Net income reached US$64.2M, up 7 per cent from Q2 and 273 per cent YoY.
Gross mining margin was US$61.7M, up from US$10.6M YoY.
Working capital increased by US$141.2M.
The encouraging results are due to increased cryptocurrency prices and increased Bitcoin production at the company’s Quebec and Atlantic facilities.
It mined 697 Bitcoin and over 7,126 Ethereum in the quarter.
It ended Q3 on December 31 with 1,813 Bitcoin worth US$83.1M and 23,290 Ether worth US$84.9M.
“We believe our results continue to validate the significant contribution to our strategy to mine both BTC and ETH and HODL as many coins as possible,” stated Frank Holmes, HIVE’s Executive Chairman.
HIVE Blockchain Technologies mines for Bitcoin and Ethereum with facilities in Canada, Sweden and Iceland.
HIVE (HIVE) is up by 9.38 per cent trading at $2.80 per share as of 11:13 am EST.