Hive Blockchain Posts Record Revenue in Q2 on Higher Crypto Prices

Hive Blockchain Posts Record Revenue in Q2 on Higher Crypto

Canadian crypto miner Hive Blockchain reported record revenue of US$52.6 million in its fiscal second quarter, up 305% from the same period last year, according to a statement.

The company said the increase in revenue was mainly due to a rise in cryptocurrency prices, the increased production of bitcoin as a result of Hive’s purchase of Quebec and Atlantic facilities and the acquisition of miners for those facilities.The gross mining margin was 86% in the fiscal second quarter, compared to 71% in the same period last year.Second-quarter earnings per share rose 433%, to 16 cents (U.S.) versus 3 cents last year, mainly due to the improvement in gross mining margin, higher cryptocurrency prices, gains on the sale of digital currencies, and foreign exchange.The miner said that at quarter end it held 1,116 bitcoin, worth US$48.4 million and 25,154 ether, worth $74.7 million.Hive said it is nearing completion of its two data centers in New Brunswick, Canada.The shares of the miner were down 4.7% in early U.S. trading as prices for bitcoin and ether tumbled more than 5% on Tuesday.Hive is hosting a conference call at 9:30 a.m. ET. CoinDesk will update this story with any pertinent information from the call.

Read more: Hive Blockchain Outperforms Crypto Miners as Ether Reaches All-Time High

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