The crypto miner ended the year on March 31, 2021, with record revenue and earnings of $66.7 million and $43.5 million, respectively.
HIVE Blockchain Technologies Ltd. (HIVE) closed the trading session at $3.74 up by 4.47% on September 23, 2021. The company has just released its staggering revenue figures for the past year. The blockchain and crypto industry is really moving a step ahead each year and HIVE is in a perfect position being the first publicly traded crypto miner.
The company has effectively worked on the expansion of Ethereum (ETH) and Bitcoin (BTC) mining capacity. Despite the COVID-19 pandemic upheavals, HIVE continues to achieve more than it expected.
In the coming years, we can see HIVE gaining more mining space in the industry. A large number of miners from China are moving to the US. This will create a positive impact among the investors as far as the mining industry is concerned.
HIVE Blockchain recorded a whopping 174% increase in digital mining income, which was around $66.7 million from the prior year. While the net income rose to a record $42.5 million, jumping massively from a loss of $1.9 million a year earlier. The gross mining margin expanded to $50.1 million from $8.5 million last year. The net income per share was 1000% more than last year, recorded at $0.12 per share.
HIVE is working on the expansion of its business and is focused on its Canadian construction that will add 20MW of green and clean Bitcoin mining. The company expects this project to end by this year. Following the completion of this project, HIVE is looking forward to integrating an additional 20MW in the first quarter of 2022. This expansion would add around 900 Petahash per second to HIVE’s BTC production and allow the company to HODL more virgin coins.
Another important project that awaits to expand Ethereum mining is undergoing in Sweden and Iceland. The company is investing highly in ETH mining and is upgrading the majority of its GPU memory cards from 4 giga-bytes to 8 giga-bytes. In addition, HIVE did a corporate restructuring in Sweden to become a Data Centre business.
The best thing is that HIVE is focusing on lower-cost mining and moving towards renewable sources that would be beneficial for the environment. This will ultimately improve the efficiency and profitability of HIVE’s mining operations.
Moving forward, HIVE Blockchain Technologies Ltd. (HIVE) is in a good position to continue with its projects and install more mining stations. The company HODLs 25,000 ETH and has purchased new ASIC machines to expand and mine Bitcoin to HODL.