HIVE Blockchain Technologies announces first-quarter earnings of US$18.6 million on revenues of US$37.2 million

The Vancouver-based cryptocurrency miner says the results build on momentum from the last fiscal year

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      There's real money in cryptocurrency.

      That's pretty clear from the latest financial results released by Vancouver-based HIVE Blockchain Technologies, which is listed on the TSX and NASDAQ.

      The crypto miner announced record quarterly net income of US$18.6 million in the three months ending on June 30. That was on revenue of US$37.2 million.

      "The first quarter of fiscal 2022 has continued the momentum that we had in fiscal 2021," HIVE interimexecutive chairman Frank Holmes said in a company news release. "It's been an incredible year for HIVE. Despite the effects of COVID-19 and associated supply chain issues, we have achieved record results and continued to increase our Ethereum and Bitcoin mining capacity."

      In April, HIVE acquired HIVE Atlantic, giving it a Bitcoin mining operation in New Brunswick.

      Over the first quarter, the company mined 225 Bitcoin and more than 9.700 Etherium.

      One Bitcoin is currently trading for $60,298.41.

      HIVE Blockchain Technologies shares are trading at $3.49. The company has a market capitalization of $1.34 billion.