HIVE Blockchain Technologies recently announced its financial results for the quarter ended June 30, 2021. The company recorded a significant jump in revenue and net income.
According to the results, the company’s total revenue from cryptocurrency mining was $37.2 million in the last quarter, an increase of 466% compared to the same period last year. In terms of net income, the figure was $18.6 million, compared to $1.8 million in the previous year.
For the quarter ending June 30, 2021, HIV mined 225 Bitcoin and over 9,700 Ethereum. The company also highlighted the importance of Ethereum mining in the recent announcement.
Commenting on the latest results, Frank Holmes, interim CEO of HIVE, said: “The first quarter of fiscal 2022 continued the momentum we saw in fiscal 2021. It has been a great year for HIVE. Despite the impacts of COVID-19 and associated supply chain issues. With it, we have achieved record results and continue to increase our Ethereum and Bitcoin mining capacity.”
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HIVE Blockchain recently reported a huge jump in its annual revenue and profit. In August 2021, the company achieved a target of 1 Exahash per second (EX/s) for the Bitcoin mining hash rate.
Expand your cryptocurrency mining capacity
Since the beginning of 2021, HIVE has significantly expanded its mining capacity with the addition of new mining machines. In August, the company ordered 1,800 Antminer S19j Pro miners from Bitmain Technologies, one of the world’s largest crypto-mining technology providers.
“During the first fiscal quarter, we received ASIC machines each month, which allowed us to allocate a new generation of miners between our facilities in Canada. These purchases were funded in part through the $100 million At-The-Market program. We sold a small amount of Ethereum To upgrade our hardware with Nvidia’s latest generation of high-performance GPU chips but we continue to HODL 25,000 ETH and 1,030 BTC. We continue to increase production of both BTC and ETH,” added Holmes.