Public-listed crypto mining firm, HIVE Blockchain Technologies, recently published its financial results for the quarter ended 30 June 2022. In the reported period, the company generated revenues of $44.2 million, compared to the revenues of $49.8 million in the previous quarter.
According to the details shared by HIVE, the firm mined a total of 1,338 Bitcoin equivalent in the latest quarter, compared to 1,248 BTC equivalent in the previous quarter. The recent correction in the price of Bitcoin and Ethereum impacted the revenues of HIVE significantly.
In terms of mining capacity, HIVE has witnessed a sharp surge in the past few months after the company acquired several mining machines.
Commenting on the quarterly results, Frank Holmes, HIVE’s Executive Chairman, said: “We wish to again thank our loyal shareholders for believing in our vision to mine both Ethereum and Bitcoin to generate robust cash flow returns on invested capital, and we believe our results continue to validate the significant contribution to our strategy to mine both BTC and ETH and HODL as many coins as possible. It was an extremely challenging quarter for the global digital asset ecosystem, where we saw the capitulation of Bitcoin and Ethereum prices not seen since 2020. On a relative basis, we are very pleased with our Company’s performance amongst our peers in the digital asset industry.”
Acquisitions
In the announcement, HIVE noted that one of the major reasons behind the latest jump in Bitcoin production is the company’s acquisition of the Quebec and Atlantic facilities. Moreover, HIVE expanded its operations in Europe.
“I have urged investors to focus on HIVE’s operating earnings from our data centers which generate digital assets, however as a result of recent changes to IFRS reporting rules, the quarterly mark-to-market fluctuations in the value of HIVE’s investment portfolio in digital assets must be reflected on the Company's income statement each quarter,” Holmes added.
