HIVE Blockchain Releases First Quarter 2019 Financial Results

HIVE Blockchain has reported its Q1 2019 financial results.

As quoted in the press release:

“I remain pleased with the progress made by HIVE on the operational front and in regard to our financial position. We continue to deploy capital and have added an additional 6.8 megawatts of capacity in Sweden as well as closed the acquisition of Kolos in the quarter. Financially, HIVE generated positive cash from operations and took another step forward in growing the business.” said Harry Pokrandt, CEO and director of HIVE. “Our financial position has advanced despite challenging market conditions which have seen major cryptocurrencies come under pressure this year. We remain well capitalized and well positioned to achieve our goals of profitable deployment of capital to maintain our leadership position in the blockchain infrastructure industry.”

Quarterly Highlights

• Generated income of $10,660,664, with a gross mining margin1 of $6,441,181, from mining of digital currencies;
• Mined 17,555 newly minted Ethereum during the period ended June 30, 2018, compared to fourth quarter production of 9,800 Ethereum representing an increase of 179% for the quarter;
• Earned income from digital mining since launch of operations in September 2017 of $23,742,059 million on the deployment of $82,284,690 million of capital;
• Commenced operation of 6.8 megawatts (“MW”) in April 2018 for Phase 3 of the Sweden GPU Data Centre bringing the Company’s digital currency mining footprint to a total of 24.2 MW since its Change of Business in September 2017 with 20.4 MW in Sweden and 3.8 MW in Iceland;
• Closed the acquisition of Kolos Norway AS (“Kolos”) which provides a critical path for growth for the Company and the potential to access a substantial amount of competitive green power in a safe jurisdiction; and
• Incurred a net loss of $2,722,439 for the period.

Click here to read the full press release.