HIVE - InvestorNewsBreaks - HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSX.V: HIVE) (FSE: HBFA) Announces Quarterly Revenue of $29.6M 31% YOY Increase in Bitcoin Production
HIVE Blockchain Technologies (NASDAQ: HIVE) (TSX.V: HIVE) (FSE: HBFA), a leading digital asset miner and green-focused data center builder and operator, today announced the earnings report for the second quarter ended Sept. 30, 2022. Among the highlights, HIVE announced that it achieved revenue of $29.6 million this quarter, through mining 858 green and clean Bitcoin and 7,309 Ethereum, which were subsequently sold to reinvest in new ASIC mining equipment. As such, HIVE’s production of Bitcoin increased by 4.5% quarter over quarter while its average daily production of Ethereum increased from 84.3 ETH per day to 94.9 ETH this quarter, prior to the Sept. 15, 2022, merge date when it ceased mining Ethereum.
“We wish to again thank our loyal shareholders for believing in our vision to mine both Ethereum and Bitcoin. We are sad to see the higher margin from mining Ethereum gone and now will be more easily compared to our Bitcoin mining peers. It was an extremely challenging quarter for the global digital asset ecosystem, where we saw the capitulation of crypto prices due to the Proof of Stake ‘PoS’ Luna token blow up in the spring and subsequent contagion from over leveraged ‘shadow banks,’ hedge funds and offshore exchanges,” said HIVE’s Executive Chairman Frank Holmes. “Strategically, we have not borrowed expensive debt against our mining equipment or pledged our Bitcoins for costly loans, thus our balance sheet remains healthy to weather this storm. We believe our low coupon fixed debt, attractive green renewable energy prices and high performing energy efficient ASIC chips will help us navigate through this crypto winter.”
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About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy. HIVE is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, HIVE is building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green energy-powered data center facilities in Canada, Sweden and Iceland, where sources green energy to mine on the cloud and endeavors to build a significant HODL position of Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of its ETH and BTC coin mining rewards. Its shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as BTC. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, the company believes its shares offer investors an attractive way to gain exposure to the cryptocurrency space. For more information and to register to HIVE’s mailing list, please visit www.HIVEBlockchain.com.
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