HIVE Blockchain Announces Filing of Q2 Financial Results

HIVE Blockchain Technologies (TSXV:HIVE) has announced its Q2 results for the quarter ended September 30, 2017.
As quoted in the press release:

In the quarter, HIVE formed a strategic partnership with Genesis Mining Ltd. (“Genesis”), the world’s largest digital currency mining hashpower provider. In conjunction, HIVE acquired and commenced operations at its initial 2.05 megawatt (“MW”) digital currency mining facility in Iceland. Included in the financial results for the quarter are just twelve full days of operations from the initial facility, which resulted in revenues of $170,819 and a mining margin of $112,959 (see Note 1). Although not illustrative of a full quarter or of HIVE’s rapidly expanding operations, these results mark the beginning of the Company’s commercial activity.
Subsequent to the quarter, HIVE raised C$71.5 million, acquired a second operating facility in Iceland and began a major expansion into Sweden (see Figure 1 for development schedule). The added 1.75 MW Icelandic facility, together with both phases in Sweden (6.8 MW each), is expected to increase the Company’s overall power consumption dedicated to digital currency mining by over eight times, for a total of 17.4 MW. With this significantly expanded capacity, along with recent Ethereum network improvements, the Company anticipates a strong increase in revenue for Q3 and into 2018. For more information on the Sweden expansion, please refer to the Company’s news releases dated October 23 and October 25, 2017.
Construction of HIVE’s Sweden facility is underway, with assembly, configuration and testing on track for rollout of Phase 1 in January 2018 and Phase 2 in March 2018. The Sweden facility will produce hash power with the newest generation of hardware and the latest developments in data centre architecture.
Financial Position
As of September 30, 2017, HIVE had approximately $3.5 million in cash on hand and no debt.
Subsequent to the quarter end, the Company completed two bought deal financings to raise a total of C$71.5 million, including more than C$12 million invested by its largest shareholder and strategic partner, Genesis. The majority of the proceeds have been earmarked for the construction of the two phases of the Company’s Sweden digital currency mining facility.

Click here to read the full press release.