HIVE Blockchain Reports Strong Q1 2024 Results Despite Bitcoin Halving

Hive Digital Technologies Executive Chairman Fran Holmes joined Steve Darling from Proactive to discuss the company's results for the first quarter ended June 30, 2024. The company reported $29.6 million in revenue from digital currency mining, which included mining rewards of 449 Bitcoin. Additionally, Hive earned $2.6 million from its high-performance computing hosting operations, resulting in a gross operating margin of $11.4 million, or a 35% operating margin. The company's SG&A expenses for the quarter were $3.4 million, leading to a positive corporate margin on a cash basis of $8.0 million. Hive achieved an Adjusted EBITDA of $14.9 million for the quarter and net income of $4.2 million before tax. Holmes highlighted that Hive increased its Bitcoin mining ASIC hashrate by 4% during the quarter, growing from 4.7 Exahash in March 2024 to 4.9 Exahash in June 2024. As of June 30, 2024, Hive had 2,496 Bitcoin on its balance sheet, valued at $153.9 million, with all Bitcoin being unencumbered, unleveraged, and mined through the company's green energy-focused operations. The company's production of 449 Bitcoin this quarter was lower than the 658 Bitcoin produced in the prior quarter ended March 31, 2024, primarily due to the Bitcoin Halving on April 20, 2024. The Halving reduced block rewards from 6.25 Bitcoin to 3.125 Bitcoin, but Hive had prepared for this event by upgrading its ASIC miners, contributing to the positive results for the quarter. Additionally, Hive has identified 30 MW of capacity in its existing Bitcoin mining facilities, which it plans to convert to Tier 3 infrastructure for GPU operation. This conversion is expected to yield 20 MW of Tier 3 compute, with upgrades potentially being completed within 6-9 months from the start of construction. The necessary power distribution and internet redundancy are already in place. #proactiveinvestors #hivedigitaltechnologieslet #tsxv #hive #nasdaq #hive #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews