Cryptocurrency mining company Hive Blockchain posted net income of $42.5 million for the year ended March 31, 2021.
- The figure compares with a loss of $1.9 million for the previous year, Hive announced Friday.
- Income from digital currency mining increased 174% to $66.7 million compared to the previous year.
- Throughout the fiscal year, Hive mined 595 bitcoin and 96,300 ether.
- The company’s gross mining margin during the year was $50.1 million compared to $8.5 million the year before, which Hive attributes to taking control of its operations in Sweden and ending bitcoin cloud mining, as well as switching to independent mining in Quebec.
- Gross mining margin is partially dependent on external network factors including mining difficulty, the amount of digital currency rewards and fees it receives for mining, as well as the market price of digital currencies.
- Along with data centers in Sweden and its native Canada, Hive Blockchain also has mining facilities in Iceland and is traded on Nasdaq (Nasdaq:HIVE), the Toronto Stock Exchange (TSX.V:HIVE) and the Frankfurt Stock Exchange (FSE: HBF).