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RETRANSMISSION: HIVE Announces Quarterly Revenue of $14.3 Million, Gross Mining Margin of $3.6 Million and Achieves Adjusted EBITDA of $1.5 Million for the Quarter while HPC Revenue Strategy is Gaining Momentum With Annual Run Rate of $1.3 Million
Vancouver, British Columbia--(Newsfile Corp. - February 21, 2023) - HIVE Blockchain Technologies ...
About this update from Hive Digital Technologies Ltd
[{"type":"text","content":"RETRANSMISSION: HIVE Announces Quarterly Revenue of $14.3 Million, Gross Mining Margin of $3.6 Million and Achieves Adjusted EBITDA of $1.5 Million for the Quarter while HPC Revenue Strategy is Gaining Momentum With Annual Run Rate of $1.3 MillionVancouver, British Columbia--(Newsfile Corp. - February 21, 2023) - HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: HBFA) (the \"Company\" or \"HIVE\") a leading digital asset miners and green focused data center builder and operator, is pleased to announce the earnings report for the third quarter ended December 31, 2022 (all amounts in US dollars, unless otherwise indicated).HIVE achieved revenue of $14.3 million this quarter, by mining 787 Bitcoin, with a 25% Gross Mining Margin representing $3.62 million of income from mining operations. This is notable, as the first full fiscal quarter for HIVE that does not include any Ethereum mining revenues, as the Ethereum Merge took place on September 15th, 2022. Furthermore, average Bitcoin prices in this current quarter decreased from the prior quarter by approximately 15%, continuing this crypto winter that affects the entire Bitcoin mining sector. However, through hedging our energy contracts, selling power back to the grid, and optimizing our operating capacity to focus on maximum profit per KWHR, HIVE has realized profit from mining operations this quarter.The Company notes that HIVE's production of 787 Bitcoin this quarter represents an increase of 13% year over year, with the same period last year, having mined 697 Bitcoin reflecting a continued growth in our operating hashrate. This is in large part a result of the completion of our New Brunswick data center campus, which we have seen reach over 1 Exahash of Bitcoin mining capacity this year, operating in a four-building data center campus, which HIVE owns, and includes our own substation, transformers and electrical infrastructure. This large increase in quantity of Bitcoin production stands even as network difficulty has increased by 60% in this one-year period, while Bitcoin prices and prices have fallen approximately 50%.Frank Holmes, HIVE's Executive Chairman, stated, \"We wish to again thank our loyal shareholders for believing in our vision to mine both Ethereum and Bitcoin. We are sad to see the higher margin from mining Ethereum gone however our HPC strat...