Monday, August 4, 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

San Dimas: First Majestic Silver’s Sleeper Asset

New Gold Q2 Earnings: Record Free Cash Flow

STLLR Gold: The Tower Gold PEA

Recommended

Tsunami Warnings Spread As Largest Quake Since 2011 Hits Russia

Northern Superior Intersects 1.75 g/t Gold Over 65.0 Metres At Philibert

Related News

Crypto: Regulatory Risk Is Present In Any Asset Class – The Daily Dive feat Frank Holmes

Today on the Daily Dive, host Cassandra Leah sits down with someone whom is becoming...

Wednesday, May 26, 2021, 01:30:00 PM

Hive Blockchain Announces Purchase Of 10,500 New Miners, Capacity To Grow To 2.47 EH/s

Hive BLockchain (TSXV: HIVE) this morning announced that the company has purchased even more cryptocurrency...

Monday, March 1, 2021, 07:38:55 AM

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

A Possible NFT Crackdown From China? – The Daily Dive

Frank Holmes of US Global Investors and Hive Blockchain (TSXV: HIVE) joins us on the...

Friday, November 12, 2021, 01:30:00 PM

By The Numbers: Bitcoin Miners Are Burning Cash On Each Coin Mined

The trouble with bitcoin, is that it doesn’t make economical sense to mine it. With...

Wednesday, November 23, 2022, 03:44:47 PM