HIVE Blockchain Q3 F2023 Results Earnings Webcast
Vancouver, British Columbia–(Newsfile Corp. – February 28, 2023) – HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: HBFA) (the “Company” or “HIVE”) is pleased to announce that our third quarter financial results for the three and nine months ended December 31, 2022 are now available.
This release represents the first full quarter following the Ethereum merger, which negatively impacted HIVE’s revenue and mining margins.
However, the company maintained a positive mining margin and increased Bitcoin production year over year, despite a 60% increase in mining difficulties.
In addition, HIVE saw rapid growth in its high-performance computing (HPC) line, which uses our powerful GPUs. This business reached an operating rate of $1.3 million, and management sees significant room for growth in this area.
HIVE operates a fleet of powerful NVIDIA 80GB commercial GPUs, and with the recent advances in artificial intelligence (AI), such industrial GPUs are in demand.
Highlights:
- 13% YoY Increase in Bitcoin Mined, Despite ~60% Difficulty Increase
- $3.6 million gross margin for mining
- Bitcoin holdings increased by 30% year-on-year
- Pre-tax net loss of $90 million due to impairment of ASICs, GPUs and digital currencies
- Reached $1.3 million run rate for HPC/AI operations
Select slides from the presentation:
Figure 1
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Figure 2
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Figure 3
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Watch the entire presentation on YouTube.
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. 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. As a company whose shares are traded on a major exchange, we are 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 we source green energy for cloud mining and attempt to build a significant HODL position of Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of ETH and BTC coin mining rewards. Our shares give investors exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as BTC. Because HIVE also owns hard assets such as data centers and advanced multipurpose servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.
For more information and to sign up for HIVE’s mailing list, please visit www.HIVEblockchain.com. Follow @HIVEblockchain on Twitter and subscribe to HIVE’s YouTube channel.
On behalf of HIVE Blockchain Technologies Ltd.
“Frank Holmes”
Executive Chairman
For more information please contact:
Frank Holmes
Phone: (604) 664-1078
Neither the TSX Venture Exchange nor its regulatory services provider (as that term is defined in the TSX Venture Exchange Policy) accepts responsibility for the adequacy or accuracy of this news release.
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