Hive's final annual revenue was down 44%

  • 11:27 Nov 17, 2022
Hive's final annual revenue was down 44%

Vancouver-based mining company Hive Blockchain, on Tuesday, released a presentation showing a 44% year-over-year drop in revenue. The figure was $29.6 million, and EBITDA (for the quarter) was $18.18 million.

The company managed to increase the amount of mined BTC by 31%. A total of 858 "green" bitcoins and 7309 Ethereum were mined. All funds received were used to reinvest and buy new mining equipment. The company also demonstrates the expenses associated with the fall in the price of mining installations ($26.2 million).

The increase in production is due to the launch of a new facility in New Brunswick. Hive's Executive Chairman, Frank Holmes, notes:

"It was a very challenging quarter, with the entire crypto industry facing falling prices and the collapse of over-committed market participants. The company strategically did not take advantage of expensive bitcoin-backed loans, and, this allowed it to maintain a healthy balance sheet and find ways to weather the storm. We expect that the low cost of clean energy, as well as the high-efficiency equipment the company has purchased, will help it during the crypto-winter. Hive Blockchain also thanks its shareholders for their faith in the company and their shared vision of cryptocurrency mining processes.

Nevertheless, the company warned about the growth of operating costs due to the increased complexity of mining.

Share to:
Related news