HIVE Blockchain has published its financial results for the financial year ended March 31, 2021. During the financial period, the company’s total income from digital currency mining reached $66.7 million, representing a 174% growth compared to the previous financial year.
The financial results also depict a sharp rise in the overall income and earnings. The net income during the financial period came in at $42.5 million. This is a sharp rise compared to the previous financial year when the company recorded a loss of $1.9 million.
The Gross Mining Margin also increased to $50.1 million, significantly higher than the $8.5 million reported during the previous year. During the 2021 fiscal year, HIVE Blockchain mined 595 Bitcoins and over 96,300 Ethereum tokens.
Good Year for the Company
Commenting on these results, the Interim Executive Chairman of the company, Frank Holmes, stated that the year was incredible for HIVE. He noted that the effects of the Covid-19 pandemic did not largely affect the firm because it managed to post record results because of increased activities and Bitcoin and Ethereum mining.
“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. During the COVID-19 pandemic, we completed the acquisition of Cryptologic Corp in April 2021, giving us a substantial Bitcoin cloud mining operation in Quebec, Canada,” Holmes added.
Strategic Expansion Plans
HIVE Blockchain has been actively involved in expansion plans. In August 2021, the company’s Bitcoin mining achieved the target of 1 Exahash. During the same month, the company expanded its mining capacity to increase its crypto mining activities.
One of HIVE’s objectives is to boost its Bitcoin and Ethereum mining capacities and referred to the improved condition for Ethereum miners in the market.
Holmes also stated that the firm was currently focused on boosting efficiency and profitability in the firm’s mining operations. This would be achieved through optimization, cost-effectiveness and maximizing the potential of the current capacity by purchasing new mining equipment. These strategies will positively affect the firm’s mining margins.