HBF) Publishes financial report showing record annual revenues, income

HIVE Blockchain Technologies (TSX.V: HIVE ) (NASDAQ: HIVE ) (FSE: HBF ) reports financial and corporate results for the full fiscal year ended March 31, 2022. Highlights of the report include revenue reaching $211.2 million, a 212% increase from the previous year; record net income of $79.6 million, up from $24.1 million last year; and growth in basic earnings per share of 191% to $1.02 from $0.35 in the prior year. The report also noted that gross margin for mining expanded to $163.9 million, up from $51.1 million the year before. According to the company, the gains in revenue and earnings are a result of HIVE’s tremendous growth during a pivotal time in the evolution of cryptocurrency mining: HIVE grew from an estimated 310 PH/s of Bitcoin mining and 2700 GH/s of ETH mining in March 2021 to a milestone hashrate of 2 Exahash (or 2000 PH/s) and approximately 6100 GH/s with ETH mining in March, representing 545% growth in BTC mining hashrate and 225% growth in ETH mining hashrate year over year. The company has scheduled a webcast for 4 PM ET today to discuss the report. HIVE management, including Holmes and HIVE President and COO Aydin Kilic along with CFO Darcy Daubaras will host the conversation. “Fiscal 2022 was an incredible year for HIVE,” HIVE CEO Frank Holmes said in the press release. “Despite the effects of COVID-19 such as global logistics and inflation, we have achieved record results on a per share basis and continued to increase our Ethereum and Bitcoin mining capacity, without risking staking BTC or ETH to earn a return on our assets. We are also proud that during the year we were able to pay off our debt by over $5.5 million.”

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About HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy. HIVE is a growth-oriented technology share in the emerging blockchain industry. The company is building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green-energy powered data center facilities in Canada, Sweden and Iceland, where they source green energy to cloud mine and HODL both Ethereum and Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of ETH and BTC mining rewards. These stocks give investors exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC. Because HIVE also owns hard assets such as data centers and advanced multipurpose servers, the company believes its shares offer investors an attractive way to gain exposure to the cryptocurrency space. For more information about the company, please visit www.HiveBlockchain.com.

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