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
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.
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