HIVE Blockchain: 3 Things You Need to Know about the Green Energy Crypto Miner

While cryptocurrency has the potential to transform society, it has been the subject of criticism due to its dramatic energy requirements. Bitcoin, the most well-known of more than 19,000 cryptocurrencies, consumes approximately 150 terawatt-hours of electricity per year—more than many countries.  

Crypto miners, which use a computing system known as proof-of-work to essentially "mint" new coins, could increase energy demand by as much as 6 gigawatts by mid-2023. This would be like adding another Houston, a city of 2.3 million people, to the grid. 

Fortunately, some crypto and blockchain companies are working to find alternative ways to mine coins that will promote a sustainable future for the relatively new monetary system—and the planet. HIVE Blockchain, headquartered in Vancouver, Canada, is a Bitcoin and Ethereum crypto mining company which has had a committed environmental, social, and governance (ESG) strategy since its inception. Moreover, all of its mining activities are powered by clean energy. 

Here are three things you need to know about HIVE Blockchain: 

1. It Has Operations in Sweden, Canada, and Iceland 

HIVE operates crypto mining facilities in Canada, Iceland, and Sweden. One of its flagship facilities in Sweden is an 86,000-square-foot warehouse in the military town of Boden. All of its 15,000 crypto mining computers are powered by a nearby hydropower plant. The HIVE facility utilizes excess clean energy that otherwise would have been wasted. 

In 2021, HIVE announced it had purchased a 4.6-megawatt facility in the Swedish town of Robertsfors. The company, which began operations in Sweden in 2018, has more than 33 MW of capacity in the European country, and more than 130 MW of clean energy capacity worldwide. 

2. It Is the First Publicly Traded Crypto Miner 

HIVE became the first publicly traded crypto mining company when it was listed on the Toronto Stock Exchange (TSX) in 2017. The company was listed on the Nasdaq's Capital Markets Exchange (Nasdaq) in 2021. As of August 15, 2021, it was trading at $9.15 and $7.18 on the TSX and Nasdaq, respectively. 

3. It Had Record Annual Revenue in the Most Recent Fiscal Year 

HIVE has proven that a clean energy crypto mining company with a committed ESG policy can thrive financially. The company recently announced it achieved a record annual revenue of $211.2 million for the fiscal year ending March 31, 2022. This was up 212 percent from the year prior. It also reported a record net income of $79.6 million, up from $24.1 million at the end of previous fiscal year. Basic income per share and gross mining margin also grew considerably. 

"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," commented HIVE executive chairman Frank Holmes. "We are also proud that during the year we were able to pay down our debt by over $5.5 million."