HVBTF
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Mining output of newly minted digital currencies:
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32,800 Ethereum
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88,300 Ethereum Classic
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89 Bitcoin
Revenue from digital currency mining was $13.0 million, an 8% increase from the same quarter last year. Record cash flow of $10.6 million, up significantly from a loss of $4.6 a year earlier. Gross mining margin expanded to $9.2 million, from a loss of more than $560,000 last year. Net income per share grew to $0.03 from a loss of $0.04 during the period ended September 30.
"I'm thrilled to see how well HIVE has done since we settled all disputes with Genesis Mining in June 2019," comments Frank Holmes, Interim Executive Chairman of HIVE. "We've been able to drive down costs, which has led to the highest cash flow in any one quarter since HIVE went public three years ago. This, coupled with higher Ethereum and crypto prices, means that the Company is doing better now than ever before.
"2020's has been marked by healthy expansion in mining capacity, the most recent example being HIVE's potential acquisition of a data center campus in Grand Falls, New Brunswick, that would give the company access to an additional 50 megawatts (MW) of low-cost green energy.
Additionally, we recently locked in 50% of our energy costs for calendar 2021 at 1.6 cents per kilowatt hour in Sweden. This data point is one of the lowest in the blockchain mining ecosystem as well as in green energy.
"As we explained back in September of this year, the Company produced a record number of Ethereum coins through the continued strong usage of the blockchain network, notably decentralized finance ("DeFi") applications. In the quarter ended September 30, HIVE mined over 32,800 Ethereum and 88,300 Ethereum Classic coins. This represents a significant increase from the 25,000 Ethereum mined in the previous quarter, and a more than 50% increase compared to the same period last year."
"HIVE is the only public crypto mining company producing Ethereum on an industrial scale, sourcing green energy from facilities in Sweden and Iceland. With the explosion in DeFi, which has increased the demand for Ethereum, and now the debut of Ethereum 2.0, which will shrink the supply of Ethereum, we are in a very attractive position," continues Mr. Holmes.
For the three months ended September 30, 2020, income from digital currency mining was $13.0 million, an increase of 8.2% from the prior comparative quarter. The increase was primarily due to an increased number of Ethereum coins mined during the current quarter and a realization of higher average Ethereum prices than the prior comparative quarter.
Gross mining margin1 during the quarter was $9.2 million, or 71% of income from digital currency mining, compared to a loss of $563,839, or 5% of income from digital currency mining, in the same period in the prior year.
Net income during the quarter ended September 30 was $9.2 million, or $0.03 per share, compared to a loss of $11.5 million, or $0.04 per share, in the prior year period. The increase was primarily due to a significant reduction of operational costs experienced since the Company has shifted from the former service provider over the past year.
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