HIVE Blockchain Reports Record Mining Income

HIVE Blockchain (TSXV:HIVE), a crypto mining firm announced a record C$12 million in mining income, with C$300,000 in cash generated from operations. The mining firm mined a total of 586 bitcoin, 20,649 ethereum and 32,692 ethereum classic.

As quoted in the press release:

“During the quarter, our cloud mining operations for Bitcoin benefited from a healthy coin price in the summer months but market conditions worsened significantly into the fall. The price of Bitcoin declined while the difficulty in mining Bitcoin increased dramatically reaching a record high. As these operations operate on a fixed cost basis, we have prudently decided to suspend 200 Petahashes of our cloud mining capacity as the current quarter has become unprofitable for mining. We are currently reviewing various factors including market conditions and the anticipated impact on legacy ASIC miners from the halving of Bitcoin rewards expected to occur in May 2020, to determine our best path forward for this equipment.

“We currently have a healthy net cash balance and significant digital assets portfolio. We are evaluating a pipeline of potential investments including M&A to determine the best opportunities to generate shareholder returns. Subsequent to quarter end, we continued to build our brain trust through the appointment of Dave Perrill, the CEO of rapidly growing data center company Compute North, to our board of directors. Dave will help us execute this next stage of our growth strategy.

Click here to read the full press release.