{"id":32709,"date":"2020-12-02T14:08:50","date_gmt":"2020-12-02T12:08:50","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=32709"},"modified":"2025-08-28T10:04:13","modified_gmt":"2025-08-28T07:04:13","slug":"mining-company-hive-posts-profit-as-ethereum-price-climbs","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/mining-company-hive-posts-profit-as-ethereum-price-climbs\/","title":{"rendered":"Mining company HIVE posts profit as Ethereum price climbs"},"content":{"rendered":"<p>The Toronto-listed company HIVE Blockchain Technologies closed its second quarter of fiscal 2021 with a profit of $7.4 million, helped by lower costs and a rising Ethereum price, on which the miner has placed its main bet. This is stated in the company&#8217;s <a href=\"https:\/\/www.benzinga.com\/pressreleases\/20\/11\/ac18587697\/hive-blockchain-reports-record-quarterly-revenue-and-cash-flow-with-operating-income-of-9-million\" target=\"_blank\" rel=\"noopener noreferrer\">press release<\/a>.<\/p>\n<p><!--more--><\/p>\n<p>Last year HIVE posted a net loss from all activities of $1.8 million. Compared with the same period in 2020, the company&#8217;s revenue grew 8% to $13 million. Mining gross profit was $9.2 million versus a loss of more than $560,000. Negative cash flow of $4.6 million turned positive, reaching $10.6 million.<\/p>\n<blockquote>\n<p>\u201cWe were able to reduce costs, which led to a record net cash flow versus any other quarter since Hive went public three years ago,\u201d said Frank Holmes, interim executive chairman of the board of HIVE.<\/p>\n<\/blockquote>\n<p>This year the mining company achieved a 50% reduction in electricity costs to 1.6 kWh at its facilities in Sweden. This remains among the lowest figures in the sector and in green energy more broadly.<\/p>\n<p>HIVE is currently considering a site acquisition in Grand Falls, New Brunswick, Canada, with access to 50 MW of cheap clean electricity.<\/p>\n<p>In the second quarter the company mined 32,800 Ethereum (ETH), 88,300 Ethereum Classic (ETC) and 89 BTC. The first figure was up 50% versus last year. In the preceding three months the company mined 25,000 ETH.<\/p>\n<p>The ending of earlier Bitcoin cloud mining agreements led to a decline in its mining output. HIVE is not abandoning this line of business and plans to scale it up, using profits from Ethereum mining.<\/p>\n<blockquote>\n<p>\u201cThe pandemic has led to delays in expanding the fleet and deploying Bitcoin miners, but the company is not abandoning plans to reach a hash rate of 1,000 PH\/s in the future,\u201d <a href=\"https:\/\/www.coindesk.com\/hive-blockchain-q2-earnings-bitcoin-ether-mining\" target=\"_blank\" rel=\"noopener noreferrer\">said<\/a> Holmes.<\/p>\n<\/blockquote>\n<p>Earlier in November, HIVE <a href=\"https:\/\/forklog.com\/en\/news\/hive-doubles-mining-capacity-after-acquiring-1240-whatsminer-m30s-devices\">acquired<\/a> and immediately installed 1,240 WhatsMiner M30S Bitcoin mining devices.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/twitter.com\/ForkLog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Toronto-listed company HIVE Blockchain Technologies closed its second quarter of fiscal 2021 with a profit of $7.4 million, helped by lower costs and a rising Ethereum price, on which the miner has placed its main bet. This was stated in the company&#8217;s press release.<\/p>\n","protected":false},"author":1,"featured_media":32710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1106],"class_list":["post-32709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-hive"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/32709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=32709"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/32709\/revisions"}],"predecessor-version":[{"id":32711,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/32709\/revisions\/32711"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/32710"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=32709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=32709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=32709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}