HIVE Earnings Report is out: Quarterly Revenue is $14.3 Million

The publicly traded crypto miner Hive Blockchain (HIVE) announced its quarterly revenue earnings was $14.3 million on Tuesday. According to the report, due to the loss of Ethereum earnings from the Merge and lower Bitcoin pricing, HIVE generated a gross mining margin of $3.6 million for the quarter, a 77% decline from the prior quarter’s $15.9 million.

Compared to the same period last year, HIVE mined 697 BTC and this quarter’s production of 787 Bitcoin, with an increase of 13%. HIVE’s average cost of production per Bitcoin was $13,599, a 37% increase in cost from the prior quarter, which ended in 2022.

HIVE’s executive chairman Frank Holmes said, “ Strategically, we have not borrowed expensive debt against our mining equipment. Thus, our balance sheet remains healthy.”

“We believe our low coupon fixed debt; attractive green renewable energy prices, and high performing energy efficient ASIC and GPU chips will help us navigate this crypto winter,” Holmes added.

Meanwhile, the year-end was marked as unlucky for Bitcoin miners due to unexpected weather conditions in North America. Sudden storms and power interruptions severely hampered mining activities in the nation. Earlier in September, the three largest US-based Bitcoin miners suffered nearly $1 billion in losses due to unfavourable market conditions.

On Tuesday, HIVE said it expects to introduce the HIVE Performance Cloud in the second quarter of 2023. The company observed that at current market conditions, cloud technology is nearly 25 times more profitable than mining in terms of dollars per megawatt-hour (MWH), bringing in more than $1,800 per MWH in revenue.

In January, public Bitcoin miners increased BTC production

In January 2023, most public miners increased their BTC production due to stable electricity prices and better weather conditions. According to the Hashrate Index report, public BTC miners experienced steady growth in hash rate and Bitcoin production compared to the last month. Clean Spark, Core Scientific and Riot were the best performers in January, per the report.

America’s leading sustainable Bitcoin mining company Clean Spark increased BTC production by 50%, with 697 Bitcoins in January. According to its CEO, Zach Bradford, the firm reached an exceptional high of 98% at the start of the year. Core Scientific, a NASDAQ-listed Bitcoin mining company, produced 1,527 coins, followed by Riot, the second leading producer, which generated 740 BTC in January.

At the start of 2023, the hashrate had slightly increased; the US-based Cipher increased its hashrate by more than 50% with 4.3 EH/s. Clean Spark also increased its hash rate by 6.6 EH/s, and Core Scientific increased a bit of its hash rate by 17 EH/s from 15.7 in December.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing