HIVE Reports 18% QoQ Jump in Gross Mining Margin in Q1 2022 Ended June 30, 2022

HIVE Blockchain Technologies Ltd. (TSX.V: HIVE) (Nasdaq: HIVE) (FSE:HBFA) (the "Company" or "HIVE") has announced the earnings report for the first quarter ended June 30, 2022 (all amounts in US dollars, unless otherwise indicated).

HIVE achieved strong gross mining margin of $27.0 million for the quarter, a 18% increase over the prior quarter of $22.9 million. Additionally, the Company's gross mining margin of 61% this period was also an increase from the gross mining margin from last quarter of 42%. 

The miner achieved revenue of $44.2 million for this quarter, as they mined 1338 Bitcoin equivalent, comprised of 821 green and clean Bitcoin as well as 7,675 green and clean Ethereum. This compared with $49.8 million revenue in the previous quarter, when HIVE mined 1248 Bitcoin equivalent, comprised of 787 Bitcoin and 6,325 Ethereum. As such, HIVE's overall production of digital currencies increased by 7% quarter over quarter, comprised of 4% more Bitcoin produced and 20% more Ethereum produced.

The Company noted, HIVE's Bitcoin production of 821 Bitcoin this quarter represented an increase of 265% year over year, where in the same period last year (period end June 30, 2021), HIVE mined 225 Bitcoin. 

Furthermore, the adjusted EBITDA was $11.2 million; the non-cash charges was $118.7 million, including impairment on equipment and equipment deposits totalling $11.0 million. Net loss after non-cash charges and mark to market adjustment is $95.3 million for the period

Working capital decreased by $112.4 million during the three-month period ended June 30, 2022, this decrease was partially attributable to the sale of digital currencies during the quarter to fund expansion and a mark to market adjustment on the closing HODL balances of the digital currencies held (revaluation of digital currencies).

Digital currency assets of $71.4 million, as at June 30, 2022.