cryptovibes.com
HIVE Blockchain Technologies has released its financial records for the first quarter ended 30 June 2021. According to the report, the company had gross revenue of $37.2 million from digital currency mining. It is 11% higher than the previous quarter and an impressive 466% higher than the same quarter last year.
A Record Quarterly Net Income
The company also had a record quarterly net income of $18.6 million, which is $4.3 million higher than the net income for the previous quarter. It is also significantly higher than the $1.8 million recorded as net income at the same period last year.
Similarly, there was an increase in gross mining margin from $2.6 million last year to $31.0 million.
Also, its per-share net income surged from $0.00 to $0.05 in the quarter, and $0.01 higher than the same quarter last year.
Impressive Results For Mined Bitcoin And Ethereum
Interim Executive Chairman of HIVE, Frank Holmes, commented on the financial report, stating that the company has continued with the momentum it has had in fiscal 2021.
“It’s been an incredible year for HIVE. Despite the effects of COVID-19 and associated supply chain issues,” he stated.
Holmes added that the company has succeeded in increasing its Bitcoin (BTC) and Ethereum (ETH) mining capacity and achieved record results despite the challenges.
Holmes also noted that the company’s performance would have been much higher if it didn’t have supply chain issues due to the pandemic.
The company noted that it mined about 2,572 Ethereum and 221 Bitcoin in September. To equate the value of mined Ethereum with Bitcoin, it will be an additional 186 for mined Bitcoin. That means converting to Bitcoin means that HIVE has successfully mined 400 Bitcoins in September, which is approximately 13.6 BTC mined daily.