In its fourth quarter 2019 earnings report, HIVE Blockchain also reported over fourfold increases in crypto mining revenues.
HIVE Blockchain (TSXV:HIVE), a virtual currency mining company reported its fiscal 2018 financial results and fourth quarter 2019 results. After a number of corporate shufflings, the company reported a 318 percent increase in year-over-year increase in revenues, including mining over 82,000 ethereum. A total of 1,751 bitcoin were also mined for the year ending March 31, 2019.
As quoted in the press release:
“Over the past year, HIVE has undergone significant changes which have improved transparency and accountability from strategic partners which will allow us to better manage our business,” said Frank Holmes, Interim Executive Chairman of HIVE. “We weathered a challenging period for cryptocurrency and blockchain companies as the value of Bitcoin and Ethereum underwent tremendous erosion of value causing a massive fall in the cost of computing equipment. However, we opportunistically added Bitcoin capacity at attractive financial terms.”
“Since becoming interim CEO and adding a full-time CFO, we have restructured the company to strengthen our operational control of HIVE and improved our cost structure,” said Frank. “There is more to be done but I am certain that the work done during the fiscal year and throughout 2019 has better positioned the Company for growth.”