HIVE Blockchain Reports Record Quarter in Mining Bitcoin

HIVE Blockchain (TSXV:HIVE), virtual currency mining company announced positive net income of C$5.6 million in addition to mining a record 1,331 bitcoin for the first quarter ending June 30, 2019. The company reported C$8 million in cash, despite operational disruptions in its mining facility in Sweden. It has since reopened as of July.

As quoted in the press release:

“Despite positive financial results, 2019 has been a challenging year for HIVE as we were forced to defend against a proxy battle,” added Mr. Holmes. “However, we prevailed and the Company is benefitting from improved transparency, including new direct contracts with local suppliers rather than through our service provider, and financial controls. We expect further continued improvements throughout the fiscal year.”

“Our Swedish facility was shut down through much of the first half of the calendar year, a period of low Ethereum prices. We successfully rebooted the facility in July and are already seeing improvements in efficiency from our new strategic partnership with Blockbase Group announced in August, with transition anticipated to be complete in the near future.”

Click here to read the full press release.