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Hive Blockchain Posts Record Revenue in Q2 on Higher Crypto Prices
The crypto miner’s fiscal Q2 earnings per share rose 433% from the same quarter last year.
Canadian crypto miner Hive Blockchain reported record revenue of US$52.6 million in its fiscal second quarter, up 305% from the same period last year, according to a statement.
- The company said the increase in revenue was mainly due to a rise in cryptocurrency prices, the increased production of bitcoin as a result of Hive’s purchase of Quebec and Atlantic facilities and the acquisition of miners for those facilities.
- The gross mining margin was 86% in the fiscal second quarter, compared to 71% in the same period last year.
- Second-quarter earnings per share rose 433%, to 16 cents (U.S.) versus 3 cents last year, mainly due to the improvement in gross mining margin, higher cryptocurrency prices, gains on the sale of digital currencies, and foreign exchange.
- The miner said that at quarter end it held 1,116 bitcoin, worth US$48.4 million and 25,154 ether, worth $74.7 million.
- Hive said it is nearing completion of its two data centers in New Brunswick, Canada.
- The shares of the miner were down 4.7% in early U.S. trading as prices for bitcoin and ether tumbled more than 5% on Tuesday.
- Hive is hosting a conference call at 9:30 a.m. ET. CoinDesk will update this story with any pertinent information from the call.
Read more: Hive Blockchain Outperforms Crypto Miners as Ether Reaches All-Time High
STORY CONTINUES BELOW
Aoyon Ashraf
Aoyon Ashraf is CoinDesk's managing editor for Breaking News. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ALGO, ADA, SOL, OP and some other altcoins which are below CoinDesk's disclosure threshold of $1,000.
