In Brief:
- HIVE generated $37.2 million in gross revenu for the first quarter
- The company mined 225 Bitcoin and over 9,700 Ethereum during the three-month period.
- Hive’s working capital increased by $20.9 million during the three-month period.
HIVE Blockchain Technologies Ltd. announced its results for the first quarter of the year. As a result of digital currency mining in the first quarter, HIVE generated $37.2 million in gross revenue. Which is a 466% increase from last quarter and an 11% increase from the quarter before.
Net income of $18.6 million for the quarter, up significantly from $1.8 million a year ago, and $4.3 million higher than the previous quarter. The mining margin rose to $31.0 million from $2.6 million last year and is $3.3 million higher than the $27.7 million experienced in the prior quarter.
As of September 2021, HIVE mined approximately 221 Bitcoins and 2,572 Ethereums. This meant that on a daily basis, this income from Ethereums was equal to approximately 186 Bitcoins mined during September 2021.
HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with green energy and ESG strategy.
It is a niche corporation in the emerging blockchain industry that is trading on a major stock exchange and aiming to bridge the digital currency and blockchain industries with traditional capital markets.
With its rapidly growing Bitcoin HODL strategy, Hive appears to be the most profitable Crypto mining company among its peers. They are lowering costs and maximizing their existing electrical and infrastructure capacity by installing new mining equipment.
