• HIVE Blockchain Announces a Significant Increase in Annual Revenues and Earnings

  • HIVE Blockchain Technologies announced its financial results for the fiscal year ended March 31, 2021 today. During the aforementioned time period, the company’s revenues and earnings increased dramatically. According to the findings, HIVE’s total income from digital currency mining reached $66.7 million in the fiscal year ended 31 March 2021, a 174 percent increase over the previous year.

    In terms of net income, the most recent fiscal year saw a total of $42.5 million. HIVE had a $1.9 million loss the previous year. The company’s Gross Mining Margin increased to $50.1 million from $8.5 million the previous year. During the fiscal year 2021, the company mined 595 Bitcoin and more than 96,300.00 Ethereum.

    Frank Holmes, Interim Executive Chairman of HIVE, commented on the latest financial results, saying, “Fiscal 2021 was an incredible year for HIVE.” Despite the effects of COVID-19, we achieved record results and increased our Ethereum and Bitcoin mining capacity.”

    “During the fiscal year, we took over direct responsibility for all of our cryptocurrency mining operations from our former strategic partner and saw significant reductions in the overhead of these operations, which included our Ethereum mining facility in Iceland. During the COVID-19 pandemic, we completed the acquisition of Cryptologic Corp. in April 2020, providing us with a significant Bitcoin cloud mining operation in Quebec, Canada,” Holmes added.

    HIVE Blockchain Technologies significantly increased its crypto mining capacity in 2021. In August 2021, the company met its goal of 1 Exahash in Bitcoin mining. During the same month, the company purchased 1,800 Antminer S19j Pro miners from Bitmain Technologies to expand its cryptocurrency mining capabilities.

    Plans for Expansion

    In the future, HIVE intends to expand its Bitcoin and Ethereum mining capacity. The company also emphasized recent improvements in market conditions for Ethereum miners.

    “In the future, our focus will be on improving efficiency and profitability across our mining operations by optimizing cryptocurrency mining output, continuing to reduce costs, and maximizing our existing electrical and infrastructure capacity by installing new mining equipment as soon as possible to leverage our fixed cost base and improve future mining margins,” Holmes concluded.

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