HIVE Blockchain Technologies Ltd.

VANCOUVER, British Columbia, July 19, 2022 (GLOBE NEWSWIRE) — HIVE Blockchain Technologies Ltd. (TSX.V: HIVE) (Nasdaq: HIVE) (FSE: HBFA.F) (the “Company” or “HIVE”) proclaims its outcomes for the total 12 months ended March 31, 2022 (all quantities in US {dollars}, except in any other case indicated).

Revenue was $211.2 million this fiscal 12 months, a 212% enhance from the prior 12 months. Record internet revenue of $79.6 million, up considerably from $24.1 million a 12 months earlier. Basic revenue per share grew 191% to $1.02 from $0.35 through the prior 12 months. Gross mining margin1 expanded to $163.9 million, from $51.1 million final 12 months. Even with financings through the 12 months and the acquisition and enlargement of our New Brunswick facility, our progress in income and internet revenue was accretive on a per share foundation.

These nice good points in our revenues and earnings are a consequence of the immense progress of HIVE throughout a key time in the evolution of cryptocurrency mining. HIVE grew from roughly 310 PH/s of Bitcoin mining and 2,700 GH/s of ETH mining as of March 31, 2021, to a milestone hashrate of 2 Exahash (or 2,000 PH/s) and roughly 6,100 GH/s of ETH mining in March 2022. This is a 545% progress in BTC mining hashrate and 225% progress in ETH mining hashrate 12 months over 12 months.

The Company was one of the highest publicly traded mining corporations measured by worth of cryptocurrency mined in the calendar 12 months 2021 (ending December 31, 2021) with a Bitcoin Equivalent of 4,032 BTC mined. Furthermore, in contemplating the full cryptocurrency mined in the Company’s fiscal 12 months ending March 31, 2022, HIVE mined 2,368 Bitcoin and 32,397 Ethereum equal from GPU hashrate (which incorporates 31,840 Ethereum plus different GPU minable cash), which is equal to an extra 2,143 Bitcoin Equivalent mined from HIVE’s GPU hashrate, for a complete worth of cryptocurrency mined of roughly 4,511 Bitcoin Equivalent mined this fiscal 12 months of 2022.

“Fiscal 2022 was an incredible year for HIVE. Despite the effects of COVID-19 such as global logistics and inflation we have achieved record results on a per share basis and continued to increase our Ethereum and Bitcoin mining capacity, without taking risks to stake our BTC or ETH to earn a yield on our assets,” stated Frank Holmes, Executive Chairman of HIVE. Mr. Holmes added “We are also proud that during the year we were able to pay down our debt by over $5.5 million.”

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Fiscal Year 2022 Highlights

  • Generated income of $211.2 million, with a gross mining margin1 of $163.9 million

  • Mined 2,368 Bitcoin and 32,397 Ethereum equal from GPU hashrate (together with 31,840 Ethereum) through the 12 months ended March 31, 2022

  • Earned internet revenue of $79.6 million for the 12 months

  • Working capital elevated by $76.5 million through the 12 months ended March 31, 2022

  • Digital forex belongings of $170.0 million, as at March 31, 2022

The Company’s Consolidated Financial Statements and Management’s Discussion and Analysis (MD&A) thereon for the three months and 12 months ended March 31, 2022 can be accessible on SEDAR at below HIVE’s profile and on the Company’s web site at


1 Non-IFRS measure. A reconciliation to its nearest IFRS measures is supplied below “Reconciliations of Non-IFRS Financial Performance Measures” in the Company’s MD&A.

Fiscal 2022 Financial Review

For the fiscal 12 months ended March 31, 2022, income was $211.2 million, a rise of roughly 212% from the prior 12 months primarily on account of a rise in the manufacturing of Ethereum and Bitcoin stemming from mining enlargement.

Gross mining margin1 through the 12 months was $163.9 million, or 78% of income, in comparison with $51.1 million, or 76% of income, in fiscal 2021. The enchancment was primarily as a result of acquisition and enlargement of our New Brunswick Datacentre in April 2021 which has resulted in a vital enhance in Bitcoin hashpower and Bitcoin rewards earned in comparison with the prior 12 months. The Company’s gross mining margin from digital forex mining is partially depending on exterior community components together with mining issue, the quantity of digital forex rewards and charges it receives for mining, in addition to the market worth of digital currencies.

Net revenue throughout fiscal 2022 was $79.6 million, or $1.02 per share, in comparison with a internet revenue of $24.1 million, or $0.35 per share, in fiscal 2021. The enchancment was pushed primarily by the development in gross mining margin1, increased Ethereum and Bitcoin costs, further hashpower from our New Brunswick facility, good points on the sale of digital currencies, and international trade.



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(1) Non-IFRS measure. A reconciliation to its nearest IFRS measures is supplied below “Reconciliations of Non-IFRS Financial Performance Measures” in the Company’s MD&A.
(2) Revaluation is calculated because the change in worth (acquire or loss) on the coin stock. When cash are bought, the online distinction between the proceeds and the carrying worth of the digital forex (together with the revaluation), is recorded as a acquire (loss) on the sale of digital currencies.

Non-Cash Charges Restatement of Financial Statements and MD&A

The consolidated monetary statements and MD&A for the years ended March 31, 2022 and 2021 present for the next restatements to the consolidated statements of monetary place and the consolidated statements of revenue and complete revenue.

The Company recognized an incorrect share worth used in the Black Scholes calculation of the honest worth and due to this fact the allocation of worth of convertible debentures issued in the fiscal 2021 interval.   The error was recognized through the preparation of the 2022-year finish consolidated monetary statements, is a non-cash cost and impacted the consolidated assertion of monetary place as at March 31, 2021 and the consolidated assertion of revenue and complete revenue with a rise in honest worth of the spinoff legal responsibility by $6,319,247 and corresponding non-cash cost to the consolidated assertion of revenue and complete revenue.

In the present 12 months, the Company made a voluntary change in the accounting remedy of its digital currencies from a dealer – seller mannequin below IAS 2, Inventories to IAS 38, Intangible Assets. The Company believes that the change in recording its digital currencies will present shareholders with a higher reflection of the Company’s enterprise actions and improve the comparability of the Company’s monetary data to its Canadian business friends. The restatement impacted the consolidated assertion of monetary place as at March 31, 2022 and the consolidated assertion of revenue and complete revenue with a lower in the recorded worth of digital currencies by $9,957,582 and corresponding cost to the consolidated assertion of revenue and complete revenue. There was no vital impression to the consolidated monetary statements as a consequence of this variation for the 12 months ended March 31, 2021.

It is necessary to reiterate that each of the foregoing restatements are non-cash fees and don’t impression the Company’s ongoing operations, income from digital forex mining, tools or different belongings. Cash supplied by working actions and the Company’s optimistic working outcomes aren’t restated.

The Company has made adjustments to its inside controls, carried out further checks and balances and will rent further employees in the monetary accounting division.

Details of the adjustments are totally described in Note 30 to the consolidated monetary statements for the years ended March 31, 2022, and 2021.

Webcast Details

Management will host a webcast on Wednesday, July 20, 2022 at 4:00 pm Eastern Time to debate the Company’s monetary outcomes. Presenting on the webcast can be Frank Holmes, Executive Chairman, Aydin Kilic, President and COO and Darcy Daubaras, Chief Financial Officer. Click right here to register for the webcast.

About HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies Ltd. went public in 2017 as the primary cryptocurrency mining firm with a inexperienced power and ESG technique.

HIVE is a growth-oriented know-how inventory in the emergent blockchain business. As a firm whose shares commerce on a main inventory exchanges, we’re constructing a bridge between the digital forex and blockchain sector and conventional capital markets. HIVE owns state-of-the-art, inexperienced energy-powered knowledge centre amenities in Canada, Sweden, and Iceland, the place we supply inexperienced power to mine on the cloud and generate rewards of each Ethereum and Bitcoin. Since the start of 2021, HIVE has held in safe storage the bulk of its ETH and BTC coin mining rewards. Our shares present traders with publicity to the working margins of digital forex mining, in addition to a portfolio of cryptocurrencies comparable to ETH and BTC. Because HIVE additionally owns exhausting belongings comparable to knowledge facilities and superior multi-use servers, we consider our shares provide traders a sexy approach to acquire publicity to the cryptocurrency house.

We encourage you to go to HIVE’s YouTube channel right here to study extra about HIVE.

For extra data and to register to HIVE’s mailing checklist, please go to Follow @HIVEblockchain on Twitter and subscribe to HIVE’s YouTube channel.

On Behalf of HIVE Blockchain Technologies Ltd.
“Frank Holmes”
Executive Chairman

For additional data please contact:
Frank Holmes
Tel: (604) 664-1078

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that time period is outlined in insurance policies of the TSX Venture Exchange) accepts accountability for the adequacy or accuracy of this information launch

Forward-Looking Information

Except for the statements of historic truth, this information launch accommodates “forward-looking information” inside the which means of the relevant Canadian securities laws that’s primarily based on expectations, estimates and projections as on the date of this information launch. “Forward-looking information” in this information launch contains details about enhancement of the Company’s operations and sustainable future profitability; potential additional enhancements to the profitability and effectivity throughout mining operations by optimizing cryptocurrency mining output, persevering with to decrease direct mining operations value construction, and maximizing present electrical and infrastructure capability together with with new mining tools in present amenities; continued adoption of Ethereum and Bitcoin globally; the potential for the Company’s long run progress together with the Company’s means to proceed to efficiently mine digital forex; the enterprise objectives and aims of the Company; statements concerning the impression of the restatement of the Company’s monetary statements; and different forward-looking data contains however shouldn’t be restricted to data in regards to the intentions, plans and future actions of the events to the transactions described herein and the phrases thereon.

Any statements that contain discussions with respect to predictions, expectations, beliefs, plans, projections, aims, assumptions, future occasions or efficiency (typically however not all the time utilizing phrases comparable to “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “may” or “could”, “would”, “might” or “will” be taken to happen or be achieved) aren’t statements of historic truth and could also be forward-looking data and are meant to establish forward-looking data.

Factors that would trigger precise outcomes to vary materially from these described in such forward-looking data embody, however aren’t restricted to, the efficiencies obtained by means of enhancements might not result in operational benefits or profitability; additional enhancements to the profitability and effectivity will not be realized as at present anticipated, or in any respect; the digital forex market; the Company’s means to efficiently mine digital forex; the Company might not be capable of profitably liquidate its present digital forex stock, or in any respect; a decline in digital forex costs might have a vital destructive impression on the Company’s operations; the volatility of digital forex costs; the chance that further data might come up subsequent to the submitting of the restatement of the Company’s monetary statements; the adoption or enlargement of any regulation or legislation that may stop the Company from working its enterprise, or make it extra pricey to take action; and different associated dangers as extra totally set out in the Annual Information Form of the Company for the twelve-month interval ended March 31, 2022 dated and different paperwork disclosed below the Company’s filings at and

This information launch additionally accommodates “financial outlook” in the shape of gross mining margins, which is meant to offer further data solely and will not be an acceptable or correct prediction of future efficiency, and shouldn’t be used as such. The gross mining margins disclosed in this information launch are primarily based on the assumptions disclosed in this information launch and the Company’s Management Discussion and Analysis for the fiscal 12 months ended March 31, 2022, which assumptions are primarily based upon administration’s greatest estimates however are inherently speculative and there isn’t any assure that such assumptions and estimates will show to be appropriate.

The forward-looking data in this information launch displays the present expectations, assumptions and/or beliefs of the Company primarily based on data at present out there to the Company. In connection with the forward-looking data contained in this information launch, the Company has made assumptions concerning the Company’s means to comprehend operational efficiencies going ahead into profitability; worthwhile use of the Company’s belongings going ahead; the Company’s means to profitably liquidate its digital forex stock as required; historic costs of digital currencies and the power of the Company to mine digital currencies can be constant with historic costs; and there can be no regulation or legislation that may stop the Company from working its enterprise. The Company has additionally assumed that no vital occasions happen outdoors of the Company’s regular course of enterprise. Although the Company believes that the assumptions inherent in the forward-looking data are cheap, forward-looking data shouldn’t be a assure of future efficiency and accordingly undue reliance shouldn’t be placed on such data as a result of inherent uncertainty therein. The Company undertakes no obligation to revise or replace any forward-looking data apart from as required by legislation.


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