Hive Blockchain Posts File Income in Q2 on Greater Crypto Costs

 Hive Blockchain Posts File Income in Q2 on Greater Crypto Costs

Canadian crypto miner Hive Blockchain reported report income of US$52.6 million in its fiscal second quarter, up 305% from the identical interval final yr, according to a statement.

  • The corporate mentioned the rise in income was primarily attributable to an increase in cryptocurrency costs, the elevated manufacturing of bitcoin on account of Hive’s buy of Quebec and Atlantic services and the acquisition of miners for these services.
  • The gross mining margin was 86% within the fiscal second quarter, in comparison with 71% in the identical interval final yr.
  • Second-quarter earnings per share rose 433%, to 16 cents (U.S.) versus 3 cents final yr, primarily because of the enchancment in gross mining margin, larger cryptocurrency costs, positive aspects on the sale of digital currencies, and international alternate.
  • The miner mentioned that at quarter finish it held 1,116 bitcoin, value US$48.4 million and 25,154 ether, value $74.7 million.
  • Hive mentioned it’s nearing completion of its two information facilities in New Brunswick, Canada.
  • The shares of the miner had been down 4.7% in early U.S. buying and selling as costs for bitcoin and ether tumbled greater than 5% on Tuesday.
  • Hive is internet hosting a convention name at 9:30 a.m. ET. CoinDesk will replace this story with any pertinent info from the decision.

Learn extra: Hive Blockchain Outperforms Crypto Miners as Ether Reaches All-Time Excessive

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