Hive Blockchain, a Vancouver-based crypto mining company, said fiscal first-quarter profit surged tenfold from a year earlier.
- Hive Blockchain (NASDAQ: HIVE) recorded net income of $18.6 million for the quarter ended June 30 2021 compared with $1.8 million the year before.
- Gross mining margin widened to $31 million from $2.6 million.
- Hive also reported holding 25,000 ETH and 1,030 BTC.
- Hive attributes the performance to the acquisition of a new data center in New Brunswick, Canada, in April, providing the company with greater autonomy over its operations.
- During the quarter, Hive also expanded and upgraded mining equipment, which was partially funded by an $100 million funding program and partially through the sale of ether.