Hive Blockchain Posts Record Revenue in Q2 on Higher Crypto Prices

Canadian crypto miner Hive Blockchain reported record revenue of $52.6 million in its fiscal second quarter, up 305% from the same period last year, according to a statement.

  • The company said the increase in revenue was mainly due to a rise in cryptocurrency prices, the increased production of Bitcoin as a result of its purchase of Quebec and Atlantic facilities and the acquisition of miners for those facilities.
  • The gross mining margin was 86% in the fiscal second quarter, compared to 71% in the same period last year.
  • Second-quarter earnings per share rose 433%, to 16c versus 3c last year, mainly due to the improvement in gross mining margin, higher cryptocurrency prices, gains on the sale of digital currencies, and foreign exchange.
  • The miner said that at quarter-end it held 1,116 Bitcoin, worth $48.4 million and 25,154 Ether, worth $74.7 million.
  • Hive said it is nearing completion of its two data centers in New Brunswick, Canada.
  • The shares of the miner were down 4.7% in early U.S. trading as prices for bitcoin and Ether tumbled more than 5% on Tuesday.
  • Hive is hosting a conference call at 9:30 eastern time. CoinDesk will update this story with any pertinent information from the call.

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