Hive Blockchain First-Quarter Profit Jumps More Than 10-Fold

Hive Blockchain, a Vancouver-based crypto mining company, said fiscal first-quarter profit surged 10-fold from a year earlier.

Hive Blockchain (NASDAQ: HIVE) recorded net income of $18.6 million for the quarter ended June 30 2021 compared with$1.8 million the year before.Gross mining margin widened to $31 million from $2.6 million.Hive also reported holding 25,000 ETH and 1,030 BTC.Hive attributes the performance to the acquisition of a new data center in New Brunswick, Canada in April, providing the company with greater autonomy over its operations.During the quarter, Hive also expanded and upgraded mining equipment, which was partially funded by an $100 million funding program and partially through the sale of ether.

Read more: Hive Blockchain Posts Net Income of $42.5M for Year Ended March 2021

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