This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 2, 2021 to its short form base shelf prospectus dated January 27, 2021.
Vancouver, British Columbia--(Newsfile Corp. - November 16, 2021) - HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (Nasdaq: HIVE) (FSE: HBF) (the "Company" or "HIVE") is pleased to announce a record earnings report for the second quarter ended September 30, 2021 (all amounts in US dollars, unless otherwise indicated).
For the three-month period, revenue rose to $52.6 Million, up 41% compared with last quarter, and 305% since the same quarter last year. Net income reached $59.8 million, up 342% from last quarter, and 549% since the prior year.
HIVE ended the September quarter holding 1,116 Bitcoin ("BTC") worth $48.4 Million and 25,154 Ether ("ETH") worth $74.7 Million.
Frank Holmes, HIVE's Executive Chairman, stated "We wish to thank our loyal shareholders for believing in our vision to mine both Ethereum and Bitcoin to generate robust cash flow returns on invested capital and believe this report validates the significant contribution to our strategy to mine both BTC and ETH and HODL as many coins as possible."
Q2 Quarterly Highlights- September 30, 2021
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Generated revenue from digital currency mining of $52.6 million, with a gross mining margin[1] of $45.0 million;
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Mined 656 Bitcoin and over 8,688 Ethereum during the three-month period ended September 30, 2021;
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Earned net income of $59.8 million for the period;
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Working capital increased by $29.7 million during the three-month period ended September 30, 2021; and
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Digital currency assets of $123.1 million, as at September 30, 2021
Q2 F2022 Financial Review
For the three months ended September 30, 2021, revenue from digital currency mining was $52.6 million, an increase of approximately 305% from the prior year primarily due to an increase in cryptocurrency prices, the increased production of Bitcoin as a result of the Quebec and Atlantic facility acquisition and the purchase of miners for those facilities.