HIVE blockchain reports $13m digital currency mining revenue in Q2

HIVE Blockchain Technologies has published its financial results for the second quarter of the fiscal year 2021 and the mining revenue from digital currencies jumped more than 8% to $13 million. The company also reported a record cash flow of $10.6 million.

According to the official press release, the Canada-based mining company recorded a gross mining margin of $9.2 million as compared to a loss of $560,000 last year. The working capital stood at around $20.9 million.

HIVE also highlighted the mining output of the newly minted digital currencies which includes 32,800 Ethereum, 88,300 Ethereum Classic, and 89 Bitcoin for the second quarter ended 30 September. The company’s net income per share increased to $0.03, compared to a loss of $0.04 during the same period a year earlier.

Read also: Gold output from large-scale mining sector up six percent for 2019

Commenting on the latest financial results, Frank Holmes, Interim Executive Chairman of HIVE, said: “I’m thrilled to see how well HIVE has done since we settled all disputes with Genesis Mining in June 2019.

We’ve been able to drive down costs, which has led to the highest cash flow in any one quarter since HIVE went public three years ago. This, coupled with higher Ethereum and crypto prices, means that the Company is doing better now than ever before.”

Ethereum Mining

The company has made significant progress in the mining output of Ethereum. According to the announcement, for the first time ever, HIVE mined more than 30,000 Ethereum in a single quarter, marks a 50% increase from the same period a year ago.

As we explained back in September of this year, the Company produced a record number of Ethereum coins through the continued strong usage of the blockchain network, notably decentralized finance (“DeFi”) applications. In the quarter ended September 30, HIVE mined over 32,800 Ethereum and 88,300 Ethereum Classic coins,” Holmes said.

HIVE is currently listed in Canada and owns state-of-the-art green energy-powered data centre facilities in Canada, Iceland, and Sweden.