HIVE Blockchain Sees 305% YoY Jump in Q2 Revenue

HIVE Blockchain Technologies, the first cryptocurrency mining company with a green energy and ESG strategy, has reported its key financial metrics for the second quarter ended September 30, 2021. The company saw a significant increase in its revenue and net income.

CMC Markets Connect's Andrew Wood Talks How Volatility Indicator Helps Institutional Clients​

According to the press release, the company’s revenue for the three-month period rose to $52.6 million, up 41% compared with last quarter and 305% since the same quarter last year.

Net income during the quarter reached $59.8 million, up 342% from last quarter, and 549% since the prior year. The improvement was driven primarily by the improvement in gross mining margin, higher Ethereum and Bitcoin prices, gains on the sale of digital currencies, and foreign exchange.

In the quarter ended 30 September 2021, HIVE mined 656 Bitcoin and more than 8,688 Ethereum. The company now has 1,116 Bitcoin worth more than $48 million and 25,154 Ethereum with a total value of almost $75 million.

“We wish to thank our loyal shareholders for believing in our vision to mine both Ethereum and Bitcoin to generate robust cash flow returns on invested capital and believe this report validates the significant contribution to our strategy to mine both BTC and ETH and HODL as many coins as possible,”Frank Holmes, HIVE’s Executive Chairman said.

Earlier this year, HIVE Blockchain has issued a warning about a number of imposter groups that are pretending to be them and are involved in programs to defraud individuals.