HIVE Blockchain Technologies published its earnings report for the third quarter ended 31 December 2021 today. In a record report, the company posted revenues of $68.2 million, which is 397% higher compared to the same period last year.
In terms of net income, the figure touched $64.2 million, which is up 273% YoY. HIVE ended the recent quarter with the holding of 1,813 Bitcoin worth $83.1 million and 23,290 Ethereum worth $84.9 million.
For the quarter ended 31 December 2021, HIVE mined a total of 697 Bitcoin and more than 7,126 Ethereum. In addition, the working capital climbed by $141.2 million.
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.”
HIVE witnessed a consistent jump in Bitcoin production during the past few months. To increase its presence in the NFT ecosystem, the company announced its investment in Network Entertainment during October 2021.
HIVE’s CFO on Q3 Results
According to Darcy Daubaras, the CFO of HIVE, the company’s recent initiatives have helped its financial results. HIVE has enhanced its BTC production as a result of the Quebec and Atlantic facility acquisition and the purchase of mining machines for the mentioned facilities.
“A year ago, we made the conscious decision not to sell our mined cryptocurrency or undertake expensive financing when brokers were offering capital at 20% discounts or encouraging us to borrow against our BTC and ETH assets at a 12% cost of capital in the scramble by crypto mining companies to purchase more ASIC chips. HIVE’s modest equity fundings were done at prevailing market prices or premiums to the stock price, and this has helped us generate the highest robust returns on invested capital relative to our peers,” Daubaras commented.
