HIVE Blockchain Technologies released its financial results for the second quarter of fiscal year 2021, and mining revenue from digital currencies increased more than 8% to $ 13 million. The company also posted a record cash flow of $ 10.6 million.
According to the official press release, the Canada-based mining company posted a gross mining margin of $ 9.2 million compared to a loss of $ 560,000 last year. Working capital amounted to approximately $ 20.9 million.
Additionally, HIVE highlighted the mining output of the newly minted digital currencies, which includes 32,800 Ethereum, 88,300 Ethereum Classic, and 89 Bitcoin for the second quarter that ended September 30. The company’s net earnings per share increased to $ 0.03, compared with a loss of $ 0.04 in the same period last year.
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Commenting on the latest financial results, Frank Holmes, Interim Executive President of HIVE, said: “I am thrilled to see how well HIVE has done well since we resolved all disputes with Genesis Mining in June 2019. We have been able to reduce costs. , which has resulted in the highest cash flow in a quarter since HIVE went public three years ago. This, coupled with higher Ethereum and cryptocurrency prices, means the Company is doing better now than ever. “
The company has made significant progress in Ethereum mining production. According to the announcement, for the first time ever, HIVE mined more than 30,000 Ethereum in a single quarter, marking a 50% increase over the same period a year ago. “As we explained in September of this year, the Company has produced a record number of Ethereum coins through the continued and strong use of the blockchain network, especially decentralized finance applications (‘DeFi’). In the quarter ended September 30. , HIVE has mined over 32,800 Ethereum and 88,300 Ethereum Classic coins, ”said Holmes.
HIVE is currently listed in Canada and has state-of-the-art green energy data center facilities in Canada, Iceland and Sweden.