Home News HIVE received $42.5M in net profit by the end of 2021

HIVE received $42.5M in net profit by the end of 2021

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HIVE Blockchain (CNW Group/HIVE Blockchain Technologies Ltd.)

HIVE Blockchain, a mining company listed on the Toronto, Frankfurt and Nasdaq stock Exchanges, made a net profit of $42.5 million for the fiscal year ended March 31, 2021. According to the results of the previous period, the company recorded a net loss of $1.9 million.

Revenue from cryptocurrency mining increased by 174% over the year, to $66.7 million. During this period, the company has accumulated 595 Bitcoin (BTC) and 96,300 Ethereum (ETH).

Among the drivers, HIVE mentioned the acquisition of full operational control over the site in Sweden, the termination of cloud mining, as well as the purchase of ASIC devices and a data center from a competitor Cryptologic in Quebec (Canada).

The company is focused on mining

“We are focused on mining Ethereum in Sweden and Iceland, switching to a GPU with 8 GB (previously 4 GB). We have also carried out a corporate restructuring in Sweden to become a Data Center with a long-term HPC strategy,” the press release says.

The company recalled the storage of 25,000 ETH and 875 BTC extracted using green energy in cold wallets.

Recall that in August, HIVE ordered 1800 Antminer S19j Pro miners from Bitmain with delivery in 2022. The transaction was the first under the equipment purchase program for 2022. Thus, Bitmain will deliver batches in six tranches of 300 units, starting from January to June.

Buying miners

In the same month, the company agreed to purchase 4,000 ASIC miners from Canaan. This was an addition to the January contract for the supply of 6400 Avalonminer 1246 devices by the manufacturer. The total hashrate of the devices is 272 PH/s.

Earlier, HIVE bought 3019 WhatsMiner M30S miners manufactured by MicroBT. In addition, the total computing power of ASIC devices is 264 PH/s.

“Joining the North American pool contributes to achieving our goal of increasing transparency and responsibility to our partners. The capacity is migrating from east to west, and we are happy to participate in this,” said Frank Holmes, executive Chairman of the Board of Directors of HIVE.

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