Sunday, August 24, 2025

Latest

Hive Blockchain Sees Digital Currency Mining Income Grow 97.4% Quarter Over Quarter

Hive Blockchain Tech (TSXV: HIVE) last night filed its second quarter financial results, reporting revenues of $13.0 million from its digital currency mining, a 97.4% increase over the first quarter revenues of $6.6 million posted by the company. Furthermore, Hive managed to post a net income of $9.3 million, a strong improvement over the $1.3 million posted in the prior quarter.

The impressive rise in income is said to be the result of the rising price of Ethereum, combined with the continued focus on cost reduction by the company. Hive has also focused on continued expansion in mining capacity, further driving revenue growth. The company mined 32,800 Ethereum and 88,300 Ethereum Classic coins throughout the quarter.

Impressively, despite the near doubling of revenues during the quarter, operating and maintenance costs, which is included within the firms cost of digital currency mining, was actually down on a quarter over quarter basis from $4.0 million to $3.8 million. Depreciation however was up, from $1.6 million to $1.8 million, resulting in a gross margin of $7.4 million before any revaluation of digital currencies.

Expenses meanwhile were down, declining from $1.1 million to $1.0 million over the three month period ended September 30, 2020. Share based compensation was the largest expense at $0.5 million, followed by foreign exchange losses of $0.3 million. General and administrative expenses were down considerably, falling from $0.9 million in the first quarter to just $0.2 million in the second quarter.

Combined with finance expenses of $0.1 million, and a positive translation adjustment of $0.1 million, the company posted a net income of $9.3 million for the three month period.

Looking to the balance sheet, Hive Blockchain saw its cash position grow from $1.2 million to that of $5.8 million, a result of being operationally cash flow positive – a rarity in the Canadian small cap sector. Accounts receivable and prepaids meanwhile rise from $12.5 million to $13.8 million, while digital currency holdings rose from $6.5 million to $10.7 million. Overall, total current assets climbed from $20.3 million to $30.3 million.

Accounts payable and accrued liabilities meanwhile declined, falling from $4.2 million to $3.4 million. This was offset by the current portion of lease liabilities climbing however, which were up from $2.0 million to $2.6 million. Total current liabilities overall declined marginally from $9.6 million to $9.5 million.

Hive Blockchain last traded at $1.25 on the TSX Venture.


The author has no securities or affiliations related to any organization mentioned. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

First Majestic Q2 Earnings: Another Record Quarter

Sandstorm Gold Fades Into Royal Gold Merger

Equinox Gold Q2 Earnings: Back On Track

Recommended

Emerita Resources Expands El Cura Drill Program By 10,000 Metres As Deposit Remains Open For Expansion

ESGold Signs MOU For Tailings Project In Colombia With Grades Up To 42 g/t Gold, 280 g/t Silver

Related News

Hive Blockchain Records 234 Bitcoin Growth In August 2021, Orders 3,000 Miners For 2022

Fresh from reaching its 1 EH/s hashrate mark, HIVE Blockchain Technologies Ltd. (TSXV: HIVE) announced...

Wednesday, September 8, 2021, 08:02:48 AM

Hive Blockchain Announces US$100.0 Million At The Market Financing

Hive Blockchain (TSXV: HIVE) this evening announced that it is conducting a US$100 million at...

Tuesday, February 2, 2021, 08:04:53 PM

HIVE Blockchain Nearly Doubles Bitcoin Mining Capacity

HIVE Blockchain Technologies (TSXV: HIVE) appears to be heavily focused on expansion, with the company...

Friday, November 6, 2020, 09:44:42 AM

Ethereum Smart Contracts Are The Internet Of The Blockchain – The Daily Dive

Joining us on the Daily Dive today is frequent guest Frank Holmes, the Executive Chairman...

Thursday, October 21, 2021, 01:30:00 PM

Bitfarms To Acquire 48,000 New Miners, Massively Expanding Capacity

It appears that Bitfarms (TSXV: BITF) has had enough when it comes to measuring up...

Tuesday, March 2, 2021, 08:12:57 AM