Earnings Highlights + Construction Updates | The HIVE Newsletter
Welcome to The HIVE newsletter. Today we’re going to go over highlights from HIVE’s fiscal year 2021 earnings report and webcast. Then we’ll cover some construction updates from our New Brunswick data center campus, and finish with HIVE Buzz news updates.
Fiscal Year 2021 Highlights
- Generated revenue from digital currency mining of $66.7 million, with a gross mining margin of $50.1 million
- Mined 595 Bitcoin and over 96,300 Ethereum during the year ended March 31, 2021
- Earned net income of $42.5 million for the year
- Working capital increased by $86.6 million during the year ended March 31, 2021
- Digital currency assets of $57.5 million, as at March 31, 2021
Executive Chairman Frank Holmes began the webcast by reminding investors of the high volatility of the crypto industry. This chart compares various asset classes and their one and ten-day volatility.
This infographic makes it clear that Ethereum, Bitcoin, and HIVE are all highly volatile assets. Frank believes it’s important to set shareholder expectations accurately, and investors should expect high volatility going in.
However, volatile assets also have the potential for impressive returns. Here’s a chart showing HIVE’s share performance between 3/30/2020 and 3/31/2021.
The chart below demonstrates how HIVE has outperformed both Ethereum and Bitcoin for the 12 month period ending August 31st 2021), returning an impressive 863%.
Next up is a slide showing HIVE’s gross income from fiscal years 2019-2021.
HIVE continues to HODL significant crypto reserves, as the graphic below demonstrates. Since we began mining Bitcoin this year, we quickly surpassed 1,000 BTC.
We sold some Ethereum over recent months to cover overhead and capital requirements, but still HODL over 25,000 Ether and continue to ramp up mining in Sweden and Iceland.
You can watch the entire webcast here. Frank, Darcy, and Aydin go into great detail about our strategy going forward.
And here’s one bonus chart from our Twitter, showing how HIVE’s Bitcoin production has grown this year.
HIVE continues to ramp up BTC and ETH production.
The new data center buildings at our New Brunswick, Canada campus are coming along nicely. These state-of-the-art facilities will soon be mining Bitcoin with clean, cheap hydroelectric power.
Construction should be finished around XXX date, which will coincide nicely with our new Bitcoin miners rolling in from prior orders.
- Aydin and Frank talk with Blonity About Earnings
- New Nasdaq Ticker (HIVE) + Expansion Update
- Frank talks crypto on Bloomberg Radio
- Real Asset Adviser interviews Frank
- Frank talks about Bitcoin vs Gold with Kitco News
Be sure to follow us on Twitter for the latest updates.
 Non-IFRS measure. A reconciliation to its nearest IFRS measures is provided under “Reconciliations of Non-IFRS Financial Performance Measures” below.