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In his results for Q1 2019, published yesterday, HIVE Blockchain said that the extraction of ethereum increased by 179% compared to the previous quarter.
The giant of the crypto-extraction HIVE Blockchain (TSXV: HIVE) published the results of the first quarter of 2019 on Wednesday (29 August), highlighting its extraction of ethereum increased significantly during the quarter.
According to the company's press release, 17,555 ethereum were drawn in the first quarter, which is a 179% increase over the 9,800 minherum extracts from the previous quarter.
In a conference call with investors on Thursday, August 30, Harry Pokrandt, CEO of HIVE, said the company was able to continue adding mining capacity to its network, which led to an increase in mines .
![Free report Blockchain [19659006] At the company's Swedish plant, 6.8 megawatts (MW) of capacity were added, which according to Pokrandt increased total capacity to 24.2 (MW). </p>
<p> "The scale of this property is tremendous," Pokrandt told the call. "This site gives us a great opportunity to develop … both a scale and a pace we want." </p>
<p> Pokrandt also highlighted the cloud-based ASIC 200 petahash (PH) agreement, which said the company is getting 200 PH of bitcoin production through a cloud contract instead of taking a delivery to a specific location ". According to Pokrandt, the company has up to a year to take over a site chosen by the company. </p>
<p> "The cloud economy the contract is at least equivalent to taking over in Sweden, however we have the flexibility to evaluate other regions – both in terms of cost and risk," said Pokrandt, pointing out that the North America is on the company's radar. </p>
<p> He added that the decision of the company to look into the region is not a reflection of the operational profiles of its current facilities, stating that HIVE "continues to benefit from low-cost energy, high-speed internet and cold climates . " While searching for other services, Pokrandt explained that these are features that the company will be looking for with certainty. </p>
<p> "This will bring our mining capacity equivalent to 44 MW in September, as promised," Pokrandt said. "We continue to evaluate the areas that provide us with maximum return on investment for our investors." </p>
<p> In terms of the company's financial data for the quarter, HIVE cashed US $ 10.6 million with a minimum margin1 of US $ 6.4 million from digital currencies. HIVE's gross margin of mines was 60%, with its digital mining income reaching US $ 485,000 per MW avearage. </p>
<p> In its first-quarter revenue from the extraction of digital currency, revenues amounted to an average of 21.98 MW of production capacity thanks to phase 3 of Sweden arriving for use in April. Thanks to the Swedish structure, HIVE's total capacity increased to 24.2 MW at 30 June 2018. </p>
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Since its operations were launched in September 2017, the company has generated $ 23.74 million earned revenues from digital extraction in the wake of $ 82.2 million US capital.
The company also noted a change in its management in its financial results. Starting Friday (August 31), Pokrandt will retire from his role as president and CEO of HIVE. Frank Holmes, who serves as president of the company, will enter as interim executive president and Olivier Roussy Netwon will take on the role of interim president.
The board of directors of HIVE is currently looking for a new CEO to take a look at the next phase of its development.
Pokrandt has been the company's leader since June 2017, ignoring the $ 200 million in funding raised and securing its 44.2 MW of precision digital mining capability.
Holmes said in the teleconference on Thursday that, looking ahead, the company has ongoing a number of pipeline projects.
"We believe we are well positioned as the first pioneers of the blockchain and the management is well aligned with the shareholders," he said. "We continue to progress in our strategic plan to remain at the forefront of the blockchain industry."
Following the company's financial results and teleconference, HIVE's shares fell 10.47% to close the trading session at 0.77 C $ [19659004] The company currently has a "Moderate Buy" ranking with a price tag of C $ 3.9 on TipRanks based on an evaluation by an analyst. On TradingView, HIVE's shares are currently classified as "Sell" with 13 against, nine "Neutral" and four in favor.
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Disclosure on securities: I, Jocelyn Aspa, does not hold any direct investment interest in any company mentioned in this article.
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