Hive Blockchain Q3 Revenue Jumps Fivefold From Previous Year

Crypto miner Hive Blockchain said fiscal third-quarter revenue surged almost 400% to a record $68.2 million compared with the year-earlier period.

Net income from continuing operations jumped to $64.2 million in the quarter ended Dec. 31 from $17.2 million the year before.

The gain was driven by an increase in cryptocurrency prices, the company said in a statement, as well as the acquisition of facilities in Quebec and Atlanta, Ga.

Crypto miners have had a stellar year as crypto prices soared and the firms deployed more computing power. But the bump in hashrate due to the increased deployment is also raising the difficulty of mining on the Bitcoin network. In January, it hit an all-time high.

Hive’s bitcoin production was up 12% in December from the month before, even as the difficulty jumped 10%, according to its latest production data. In January, production jumped another 8% to 264 bitcoin.

Hive’s liquid bitcoin and ether holdings reached a gross value of $168 million, up 11-fold compared with the year before. At the end of December, Hive was holding 1,813 bitcoin and 23,920 ether.

The Vancouver-based miner has opted to hold onto most of the crypto it produces. It sold some ether to finance chip upgrades.