Hive Blockchain Posts Record Revenue in Q2 on Higher Crypto Prices

Hive Blockchain Posts Record Revenue in Q2 on Higher Crypto Prices

Canadian crypto miner Hive Blockchain reported report income of $52.6 million in its fiscal second quarter, up 305% from the identical interval final 12 months, according to a statement.

  • The firm stated the rise in income was primarily as a result of an increase in cryptocurrency costs, the elevated manufacturing of Bitcoin because of its buy of Quebec and Atlantic amenities and the acquisition of miners for these amenities.
  • The gross mining margin was 86% in the fiscal second quarter, in comparison with 71% in the identical interval final 12 months.
  • Second-quarter earnings per share rose 433%, to 16c versus 3c final 12 months, primarily as a result of enchancment in gross mining margin, greater cryptocurrency costs, features on the sale of digital currencies, and overseas change.
  • The miner stated that at quarter-end it held 1,116 Bitcoin, price $48.4 million and 25,154 Ether, price $74.7 million.
  • Hive stated it’s nearing completion of its two knowledge facilities in New Brunswick, Canada.
  • The shares of the miner have been down 4.7% in early U.S. buying and selling as costs for bitcoin and Ether tumbled greater than 5% on Tuesday.
  • Hive is internet hosting a convention name at 9:30 jap time. CoinDesk will replace this story with any pertinent info from the decision.

Read extra: Hive Blockchain Outperforms Crypto Miners as Ether Reaches All-Time High

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