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While most businesses are struggling during the pandemic, crypto mining firms have been raking in profits during the period. For instance, Hive blockchain saw its income rise by 174 percent.
Nasdaq-listed Hive announced that its income from crypto mining rose to $66.7 million for the fiscal year ended March 31, 2021, representing a 174 percent rise from the previous year’s income of the firm.
The company also reported a record net income of $42.5 million for the period. This is a vast improvement from last year’s loss of $1.9 million.
The crypto mining firm’s gross margin also rose to $50.1 million from last year’s $8.5 million. Meanwhile, it reported a net income per share of $0.12, up from a loss of $0.01 from the previous fiscal year.
“Fiscal 2021 was an incredible year for HIVE. Despite the effects of COVID-19 we have achieved record results and continued to increase our Ethereum and Bitcoin mining capacity,” Hive Interim Executive Chairman Frank Holmes said. “During the fiscal year, we assumed direct responsibility for all our cryptocurrency mining operations from our former strategic partner and continued to see significant reductions in the overhead of these operations, which included our Ethereum mining facility in Iceland.”
Holmes added that it substantially increased its Bitcoin mining operation after acquiring Cryptologic Corp in April 2020. The company also purchased additional Bitcoin mining equipment to expand the facility’s capacity.
Hive upgraded its Ethereum mining facilities in Sweden and Iceland by swapping most of its 4 gigabytes GPU memory cards to 8 gigabytes. “We also undertook a corporate restructuring in Sweden to become a Data Centre business with a long-term HPC strategy while remaining true to our roots as an Ethereum miner,” Holmes added.
With the expansion of its Ethereum mining capacity, Hive was able to HODL 25,000 ETH. “Ethereum market conditions for miners improved significantly over the last year, driven by price increases and the adoption of the network for decentralized finance applications,” Holmes explained.
The company also plans to HODL Bitcoin and purchased new ASIC machines to expand its BTC mining capacity. “Bitcoin mining conditions have also improved with strong price increase since the halving on May 11, 2020, the date when HIVE started mining with new generation miners at its facility in Quebec,” he added. “We continue to believe we are well-positioned to benefit from the continued adoption of Ethereum and Bitcoin globally.”
