HIVE Blockchain Technologies recently announced its financial results for the quarter ended 30 June 2021. The company reported a significant jump in revenue and net income.
According to the results, the company’s gross revenue from digital currency mining was $37.2 million in the latest quarter, which is up by 466% compared to the same period last year. In terms of net income, the number reached $18.6 million, compared to $1.8 million a year earlier.
For the quarter ended 30 June 2021, HIVE mined 225 Bitcoin and more than 9,700 Ethereum. Additionally, the company highlighted the significance of Ethereum mining in the recent announcement.
Commenting on the latest results, Frank Holmes, Interim Executive Chairman of HIVE, said: “The first quarter of fiscal 2022 has continued the momentum that we had in fiscal 2021. It’s been an incredible year for HIVE. Despite the effects of COVID-19 and associated supply chain issues, we have achieved record results and continued to increase our Ethereum and Bitcoin mining capacity.”
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HIVE Blockchain recently reported a significant jump in its annual revenues and earnings. In August 2021, the company achieved the target of 1 Exahash per second (EX/s) of Bitcoin mining hash rate.
Expansion of Crypto Mining Capacity
Since the start of 2021, HIVE has expanded its crypto mining capacity significantly with the addition of new mining machines. In August, the company ordered 1,800 Antminer S19j Pro miners from Bitmain Technologies, one of the largest crypto mining technology providers in the world.
“During the first fiscal quarter, we received ASIC machines every month, which allowed us to allocate these new generation miners between our 2 facilities in Canada. These purchases were partially funded by the $100 million At-The-Market Program. We sold a small amount of Ethereum to upgrade our equipment with Nvidia’s latest generation of high-performing GPU chips but continue to HODL 25,000 ETH and 1,030 BTC. We continue to ramp up production of both BTC and ETH,” Holmes added.