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- The second quarter report of Hive Blockchain got released.
- As per the report, the revenue slipped by 44% year over year.
Hive Blockchain, the first publicly traded crypto miner, released its second-quarter report on November 15. As per the report, the revenue slipped by 44% year on year and currently stands at $29.6 million. In that same interval of time, the net income of Hive slipped from $59.8 million in the first quarter to $37 million.
The net income of the company was remarkably higher than its revenue in the second quarter of this year, as the company witnessed more than a whopping $22 million worth of profits on the Bitcoin and Ethereum it mined. The company also bore a $26.2 million damage expense for its mining rigs.
The Bitcoin mining abilities have additionally scaled despite the firm’s loss having been accelerated. Year on Year, the company mined Bitcoin which was 31% more than in the second quarter of this year estimating 858 coins, which has more worth after considering a 15.9% year-over-year fall in its Ethereum mining, which was a total of 7,309 coins in the quarter.
Frank Holmes words
The total production growth was accredited to the opening of the company’s New Brunswick Bitcoin mining facility in the last one year, which purchased more than 17,300 application-specific integrated circuit miners online. Showing his confidence, the executive chairman Frank Holmes opined:
“Critically, we have not taken costly debt against our mining tools or guaranteed our Bitcoins for expensive loans, so our balance sheet stays healthy to weather this storm. We trust our low coupon fixed debt; influencing green renewable energy prices and highly executing energy efficient ASIC chips will aid us in guiding by this crypto winter.”
However, Hive Blockchain has alerted of higher operating expenses moving ahead due to record-high mining problems. At present, the company surrounds about 0.85% of the Bitcoin network’s hash rate. At the end of the second quarter, Hive Blockchain was holding about 1,116 Bitcoin which was estimated at $48.4 million, and 25,154 Ethereum of value $74.7 million on its balance sheet.
HIVE Blockchain Technologies is considered the first publicly traded crypto miner, registered on the Toronto Venture Exchange in 2017. It uses the ticker symbol HIVE. The firm utilizes completely green energy to mine Bitcoin with a devoted ESG strategy from starting. HIVE attempts to make a long-term shareholder value with its exclusive HODL strategy.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
