HIVE Blockchain Technologies (TSX.V: HIVE) (NASDAQ: HIVE) (FSE: HBF) is reporting its earnings for the first quarter 2023, the period ending June 30, 2022. According to the announcement, the company saw a strong gross mining margin of $27 million for the quarter, which represents an 18% increase over the prior quarter’s $22.9 million margin. The company pointed to its global Bitcoin and Ethereum mining operations as drivers for this growth, observing that the operations experienced significant hashrate growth during the quarter. The report also noted that HIVE maintains the best operational uptime among its peers and has repeatedly been the most efficient crypto-miner based on digital assets mined per Exahash, which is commonly measured as quantity of mined Bitcoin per Exahash of reported hashrate. Other highlights of the report include the company’s gross mining margin of 61%, which is also an increase from last quarter, and its Bitcoin production, which totaled 821 Bitcoin this quarter and is an increase of 265% year over year. Other items worth noting are the company’s adjusted EBITDA of $11.2 million; noncash charges of $118.7 million, including impairment on equipment and equipment deposits totaling $11 million; a $95.3 million net loss after noncash charges and mark-to-market adjustment; working capital decrease of $112.4 million which was partially attributable to the sale of digital currencies during the quarter; and digital currency assets of $71.4 million at quarter end. “We wish to again 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 we believe our results continue to validate the significant contribution to our strategy to mine both BTC and ETH and HODL as many coins as possible,” said HIVE executive chair Frank Holmes in the press release. “It was an extremely challenging quarter for the global digital asset ecosystem, where we saw the capitulation of Bitcoin and Ethereum prices not seen since 2020. On a relative basis we are very pleased with our company’s performance amongst our peers in the digital asset industry. . . . HIVE was dedicated to navigating through this crypto storm for our shareholders, while delivering profitable gross mining margins of $27 million and adjusted EBITDA of $11.2 million. Our global team of technicians, coders and executives all working together delivered this for the shareholders.”
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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 (“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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