HIVE posts $42.5 million net profit for 2021

The mining company HIVE Blockchain, listed on the Toronto, Frankfurt and Nasdaq stock exchanges, получила net income of $42.5 million for the fiscal year ended March 31, 2021.

For the previous period the firm recorded a net loss of $1.9 million.

Cryptocurrency mining revenue for the year rose 174%, to $66.7 million. During this period the company mined 595 BTC and 96,300 ETH.

Among drivers, Hive cited gaining full operational control over the facility in Sweden, ending cloud mining, and also the buyback of ASIC devices and a data centre from competitor Cryptologic in Québec (Canada).

We are focused on Ethereum mining in Sweden and Iceland, transitioning to GPUs with 8 GB (previously 4 GB). We have also carried out corporate restructuring in Sweden to become a data centre with a long-term HPC strategy, the press release said.

The company noted it holds 25,000 ETH and 875 BTC stored in cold wallets, mined with green energy.

In August, HIVE ordered 1800 ASIC miners from Bitmain, with delivery in 2022.

In the same month the firm agreed to purchase 4,000 ASIC miners from Canaan. This complemented the January contract for the supply of 6,400 AvalonMiner 1246 devices.

Earlier, HIVE bought 3,019 WhatsMiner M30S miners produced by MicroBT.

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