HIVE Blockchain Reports a Significant Jump in Annual Revenues and Earnings

HIVE Blockchain Technologies reported its financial results today for the year ended 31 March 2021. The company’s revenues and earnings increased sharply during the mentioned period. According to the results, HIVE’s total income from digital currency mining touched $66.7 million in the fiscal year ended 31 March 2021, which is up by approximately 174% compared to the previous year.

In terms of net income, the number reached $42.5 million in the recent fiscal year. A year earlier, HIVE reported a loss of $1.9 million. The company’s Gross Mining Margin increased to $50.1 million, compared to $8.5 million last year. During the fiscal year 2021, the company mined 595 Bitcoin and more than 96,300 Ethereum.

Commenting on the latest financial results, Frank Holmes, Interim Executive Chairman of HIVE, said: “Fiscal 2021 was an incredible year for HIVE. Despite the effects of COVID-19 we have achieved record results and continued to increase our Ethereum and Bitcoin mining capacity.”

“During the fiscal year, we assumed direct responsibility for all our cryptocurrency mining operations from our former strategic partner and continued to see 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, giving us a substantial Bitcoin cloud mining operation, in Quebec, Canada,” Holmes added.

In 2021, HIVE Blockchain Technologies expanded its crypto mining capacity significantly. In August 2021, the company achieved the target of 1 Exahash in Bitcoin mining. During the same month, the company ordered 1,800 Antminer S19j Pro miners from Bitmain Technologies to increase its crypto mining capabilities.

Expansion Plans

HIVE aims to enhance its Bitcoin and Ethereum mining capacity in the future. Furthermore, the company highlighted the recent improvements in the market conditions for Ethereum miners.

“Going forward, our focus is on improving efficiency and profitability across our mining operations by optimizing cryptocurrency mining output, continuing to lower costs, and maximizing our existing electrical and infrastructure capacity by installing new mining equipment as quickly as possible to leverage our fixed cost base and improve future mining margins,” Holmes concluded.