Crypto miner HIVE sees 140% income rise over FY2018

Still operating a loss, the mining company saw improvements in its latest financial performance period

HIVE Blockchain Technologies Ltd. (HIVE), an operator of cryptocurrency mining facilities, today announced its results for the fourth quarter and full-year ended March 31, 2019 (all amounts in US dollars, unless otherwise indicated).

The company realized the benefits of cheaper mining hardware costs along with Bitcoin prices increasing from $3,826 at the start of 2019 to highs of nearly $14,000 in June 2019. Similarly, Ethereum started the year at $130 and exceeded $330 in June 2019.

 “Over the past year, HIVE has undergone significant changes which have improved transparency and accountability from strategic partners which will allow us to better manage our business. We weathered a challenging period for cryptocurrency and blockchain companies as the value of Bitcoin and Ethereum underwent tremendous erosion of value causing a massive fall in the cost of computing equipment. However, we opportunistically added Bitcoin capacity at attractive financial terms. Since becoming interim CEO and adding a full-time CFO, we have restructured the company to strengthen our operational control of HIVE and improved our cost structure. There is more to be done but I am certain that the work done during the fiscal year and throughout 2019 has better positioned the company for growth. We are pleased by the financial results from our 300 Petahashes of Bitcoin mining capacity and the progress we have seen in our Ethereum mining following the restart of Sweden with Blockbase, our new operational partner, subsequent to the end of the 2019 fiscal year.”
– Frank Holmes, Interim Executive Chairman of HIVE

FY 2019 Highlights

Financial Review

For the year ended March 31, 2019, HIVE’s gross mining margin was 22%. Fourth-quarter income from digital currency mining was produced from an average of 14.0 MW of GPU production capacity, and 300 PH of Cloud Mining capacity, as of March 31, 2019. Below is a summary of the HIVE’s income and gross mining margin:

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