HIVE Blockchain Releases Q4 and Full Year 2018 Financail Results

HIVE Blockchain Technologies (TSXV:HIVE) has announced its results for the fourth quarter and full year ended March 31, 2018.

As quoted in the press release:

“It has been a transformational year for the Company as we have grown from a 2.0 MW facility in Iceland to a company with more than 24 MW of operations to date and digital currency mining assets in three countries.” said Harry Pokrandt, President and CEO. “Despite volatility in the cryptocurrency market, we have significantly grown our inventory of newly minted coins and have a strong cash position. I am extremely pleased with the operational and financial performance of HIVE and our position as a leading blockchain infrastructure company.”

FY 2018 Highlights

• Generated revenues of $13,081,395, with a gross mining margin¹ of $10,139,931, from mining of digital currencies;
• Mined over 17,000 newly minted Ethereum and 54,000 Ethereum Classic coins during the year ended March 31, 2018, including fourth quarter production of 9,800 Ethereum and 34,000 Ethereum Classic coins representing an increase of 136% and 170%, respectively over third quarter production;
• Raised gross proceeds of $160 million (C$203 million) of growth capital during the year to finance rapid expansion and future growth opportunities and investments;
• Expanded operations with Genesis dedicated to GPU-based digital currencies such as Ethereum and Ethereum Classic in Sweden and Iceland, with a total of 17.4 megawatts (“MW”) in production at March 31, 2018 and a further 6.8 MW commencing production after March 31, 2018. The Company currently has 20.4 MW in Sweden (the “Sweden GPU Data Centre”) and 3.8 MW in Iceland, bringing the Company’s digital currency mining footprint to a total of 24.2 MW since its Change of Business in September 2017

Click here to read the full press release.