HIVE Blockchain Technologies (TSX.V: HIVE) (NASDAQ: HIVE) (FSE: HBF) is reporting is financial and corporate results for the full fiscal year ended March 31, 2022. Highlights of the report include revenue reaching $211.2 million, a 212% increase from the prior year; record net income of $79.6 million, up from $24.1 million last year; and growth of basic income per share from 191% to $1.02 from $0.35 during the prior year. The report also noted that gross mining margin expanded to $163.9 million, up from $51.1 million the previous year. According to the company, the gains in revenues and earnings are a result of HIVE’s immense growth during a pivotal time in the evolution of cryptocurrency mining: HIVE grew from an estimated 310 PH/s of Bitcoin mining and 2,700 GH/s of ETH mining in March 2021 to a milestone hashrate of 2 Exahash (or 2,000 PH/s) and approximately 6,100 GH/s of ETH mining this March, representing a 545% growth in BTC mining hashrate and 225% growth in ETH mining hashrate year over year. The company has scheduled a webcast for 4 p.m. ET today to discuss the report. HIVE management, including Holmes and HIVE president and COO Aydin Kilic along with CFO Darcy Daubaras will host the call. “Fiscal 2022 was an incredible year for HIVE,” said HIVE executive chair Frank Holmes in the press release. “Despite the effects of COVID-19 such as global logistics and inflation we have achieved record results on a per share basis and continued to increase our Ethereum and Bitcoin mining capacity, without taking risks to stake our BTC or ETH to earn a yield on our assets. We are also proud that during the year we were able to pay down our debt by over $5.5 million.”
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About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies went public in 2017 as the first cryptocurrency mining company with a green-energy and ESG strategy. HIVE is a growth-oriented technology stock in the emergent blockchain industry. The company is building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green-energy-powered data center facilities in Canada, Sweden and Iceland, where it sources green energy to mine on the cloud and HODL, both Ethereum and Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of its ETH and BTC coin mining rewards. Those shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC. Because HIVE also owns hard assets such as data centers and advanced multiuse servers, the company believes its shares offer investors an attractive way to gain exposure to the cryptocurrency space. For more information about the company, please visit www.HiveBlockchain.com.
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