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HIVE Nets $13 Million In Revenue To Finish Up Second Quarter

HIVE Blockchain Technologies will currently be happy with their recent performance in the financial market after the blockchain firm posted massive revenue to finish its second quarter. In the published financial statements, the most contributor to the company’s financial records in the second quarter of the 2021 fiscal year was digital assets mining.

In the records, the revenue of the company witnessed a jump by 8% as it recorded an income of $13 million to finish up the year. The company also noted that it recorded one of the best years in cash inflows as it saw about $10.6 million come in during the period.

Interim Chairman happy with returns

In an announcement released by the blockchain firm, it noted an influx of profits from mining this year compared to last year. According to Hive Blockchain Technology, the company grossed a total of $9.2 million in profits from mining this year, compared to the previous year that it recorded a loss of $560,000.

Presently, the working capital of Hive Blockchain Technology is now around $20.9 million. Hive Blockchain Technology also mentioned the importance of the digital assets that it has mined across the second quarter. The mined assets include 89 Bitcoin, 32,800 Ethereum, and 88,300 Ethereum Classic.

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The company also mentioned that it had recovered from its disastrous shares sale last year, which saw it record a $0.04 loss per share sale compared to this year’s $0.03 gain per share. In a statement released by the Interim Chairman of HIVE Blockchain Technologies, Frank Holmes, he noted that everyone around the firm was pleased with the performance.

“I am very happy over our recent performances over the years. Ever since we settled our issues with Genesis Mining in 2019, we have been doing remarkably well and posting mind blowing figures. One thing that has helped us bring in more cash flow is the way we have reduced costs over the years,” Frank Holmes said.

Ethereum prices boost HIVE returns

Another thing that has helped HIVE in the last few years asides from the reduced costs is the movement of the prices of Ethereum and other digital assets in the market. According to the Interim Chairman, the firm has been performing remarkably well than they have done in the past. The company has recorded massive success across this quarter in terms of mining of Ethereum.

In the announcement, Hive noted that it mined nothing less than 30,000 Ethereum across this quarter, making it the first time the firm achieved such a feat. In his statement, Holmes said that the firm mined 32,800 Ethereum and 88,300 Ethereum Classic coins across the second quarter. Hive is a Canada listed company that owns an energy-powered facility that boasts state-of-the-art equipment across Canada, Sweden, and Iceland.

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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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