HIVE posted $42.5m net profit for 2021

HIVE posted $42.5m net profit for 2021

Toronto, Frankfurt and Nasdaq-listed mining company HIVE Blockchain has posted a net profit of $42.5 million for the fiscal year ended March 31, 2021.

The firm recorded a net loss of $1.9m in the previous period.

Revenue from cryptocurrency mining increased 174 per cent to $66.7m over the year, with the company cashing in 595 BTC and 96,300 ETH during the period.

Among the drivers, Hive mentioned gaining full operational control of the site in Sweden, ending cloud mining, and buying back ASIC devices and a data centre from rival Cryptologic in Quebec, Canada.

"We are focusing on Ethereum mining in Sweden and Iceland, moving to 8GB GPUs (previously 4GB). We have also carried out a corporate restructuring in Sweden to become a Data Centre with a long-term HPC strategy," the press release said.

The company recalled storing 25,000 ETH and 875 BTC in cold wallets mined using green energy.

Recall that in August, HIVE ordered 1,800 ASIC miners from Bitmain with delivery in 2022.

In the same month, the firm agreed to purchase 4,000 ASIC miners from Canaan. This was in addition to the manufacturer's January contract for 6,400 Avalonminer 1246 devices.

Earlier, HIVE bought 3,019 WhatsMiner M30S miners from MicroBT.

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