Something is really shaking in the blockchain world.
Swiss-based HIVE Blockchain Technologies Ltd. (TSX-Venture:HIVE) , also with offices in Vancouver, came out with first-quarter results Tuesday (all amounts in U.S. dollars, unless otherwise indicated).
HIVE ended the first quarter on solid financial footing with nearly $22 million of current assets, including nearly $8 million of cash. The company also generated income of $9.1 million, with a gross mining margin of $3.6 million from mining of digital currencies.
The company also mined 1,331 newly minted Bitcoin over the first quarter, as well as about 35,000 Ethereum Classic and over 3,200 newly minted Ethereum
First-quarter net income was $5.6 million.
Said HIVE Interim Executive Chairman Frank Holmes, "The financial results reflect our relentless efforts to restructure the Company to ensure transparency and accountability and to strengthen our operational control of HIVE and improve our operational efficiency.
“These improvements along with a record quarter of mining Bitcoin enabled us to navigate successfully the significant year-over-year decline in the price of Ethereum.
Shares acquired three cents, or 16.7%, to 21 cents on volume of 1.4 million shares.