Fintech PR
HIVE Blockchain Reports Third Quarter Financial Results
HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the “Company” or “HIVE”) announces its results for the third quarter ended December 31, 2019 (all amounts in US dollars, unless otherwise indicated).
“I am pleased to report a healthy profit in the third fiscal quarter driven by our ongoing efforts since the end of 2018 to increase transparency, accountability and profitability across our mining operations,” said Frank Holmes, Interim Executive Chairman of HIVE. “Notably, our decision to restructure operations at our flagship Ethereum mining facility in Sweden paid off as we generated a strong increase in gross mining profitability vs prior periods under our previous service provider relationship, which ceased in November. Additionally, we benefited during the quarter and subsequently from our prudent decision to suspend Bitcoin cloud mining operations to avoid mining at a loss due to the significant increase in mining difficulty combined with declining Bitcoin prices in the second half of calendar 2019.
“These decisions have strengthened our balance sheet; we also recently lowered our cost base while increasing our cost certainty by entering into hedging arrangements related to our electrical expenses in Sweden. Combined, these will enable us to make appropriate investments to drive future growth.
“We are extremely excited as we look ahead in 2020 and the potential for further improvements to the profitability of our Ethereum mining operations,” added Mr. Holmes. “Institutional adoption of blockchain technology, including Ethereum, is rising. And Ethereum market conditions for miners have improved thus far this year: daily block rewards increased in January and coin prices have rebounded significantly over the past few months while the network hash rate has been relatively stable. Additionally, it is anticipated the Ethereum network will implement Programmatic Proof of Work this year, which would effectively eliminate ASIC mining on the network, thereby increasing the relative efficiency of GPU mining facilities such as HIVE’s.
“We continue to evaluate expansion opportunities globally, with a preference towards maintaining 100% green energy, and look forward to providing further updates on our progress through the year.”
Q3 F2020 Highlights
- Generated income from digital currency mining of $5.0 million
- Generated gross mining margin of $3.8 million from mining of digital currencies
- Mining output of newly minted digital currencies:
- 23,175 Ethereum
- 33,190 Ethereum Classic
- 127 Bitcoin
- Generated net income of $3.4 million for the period
- Net cash less loans payables decreased to $3.2 million due to cash used in operations, reflecting upfront energy costs paid during the quarter in Sweden for which the Company anticipates receiving energy rebates in the future, with digital currencies assets at $3.4 million, as at December 31, 2019
- Working capital increased to $11.8 million
Financial Review
For the quarter ended December 31, 2019, income from digital currency mining was $5.0 million, a decrease of approximately 41% from the same period in the prior year primarily due to the Company’s suspension of 200 PH/s of its ASIC cloud mining capacity at the beginning of October, 2019 and the remaining 100 PH/s in December 2019 due to worsening Bitcoin mining market conditions as coin prices declined while mining difficulty and network hash rates increased to a record high. Third quarter income from digital currency mining was produced from 24.2 MW of GPU production capacity, and 100 PH/s of cloud mining capacity for a partial quarter.
Gross mining margin during the third quarter of fiscal 2020 was $3.8 million, or 77% of income. It was approximately $1.1 million excluding the reversal of a value added tax (“VAT”) provision in Switzerland related to historical periods originally recorded in the second quarter of fiscal 2020, as well as upfront energy costs paid during the quarter in Sweden for which the Company anticipates receiving energy rebates in the future. This compares to ($2.2) million, or -27%, in the same period in the prior year. Excluding the impact of the reversal of VAT and upfront energy costs noted above, the increase in mining margin was driven by an improvement in the profitability of the Company’s Ethereum mining operations in Sweden due to a change in its service provider relationship, as partially offset by a reduction in Bitcoin mining profitability.
Net income and comprehensive income during the third quarter of fiscal 2020 was $3.6 million, or $0.01 per share, compared to a loss of $36.2 million, or $0.12 per share, in the same period in the prior year. The increase was driven primarily by the improvement in gross mining margin, an impairment charge taken in Q3 of fiscal 2019, and a decrease in depreciation expenses in fiscal 2020 stemming from impairments taken in the prior fiscal year.
|
Three months ended December 31, |
Nine months ended December 31, |
|||||||||
|
2019 |
2018 |
2019 |
2018 |
|||||||
|
Income from digital currency mining |
$ |
5,003,944 |
$ |
8,449,545 |
$ |
26,135,552 |
$ |
25,633,426 |
||
|
Operating and maintenance costs of digital currency mining |
(1,170,145) |
(10,694,763) |
(19,296,937) |
(19,574,719) |
||||||
|
Gross Mining Margin1 |
3,833,799 |
(2,245,218) |
6,838,615 |
6,058,707 |
||||||
|
Gross Mining Margin %1 |
77% |
-27% |
26% |
24% |
||||||
|
Depreciation |
(1,345,212) |
(9,392,790) |
(3,850,241) |
(19,220,035) |
||||||
|
Gross gain (loss) |
2,488,587 |
(11,638,008) |
2,988,374 |
(13,161,328) |
||||||
|
Revaluation of digital currencies2 |
(727,064) |
(4,602,879) |
(2,639,579) |
(13,772,008) |
||||||
|
Gain (loss) on sale of digital currencies |
107,960 |
(1,825,637) |
261,681 |
(2,925,350) |
||||||
|
General and administrative expenses |
(1,125,864) |
(967,656) |
(3,791,320) |
(3,225,862) |
||||||
|
Impairment |
– |
(15,967,785) |
– |
(30,714,205) |
||||||
|
Foreign Exchange |
2,860,408 |
(895,312) |
(302,211) |
(2,745,910) |
||||||
|
Share-based compensation |
(62,220) |
(531,587) |
(371,119) |
(789,949) |
||||||
|
Realized gain on investment |
||||||||||
|
Unrealized gain on investments |
– |
– |
1,531,464 |
– |
||||||
|
Finance expense |
(153,792) |
4,886 |
(261,314) |
(11,856) |
||||||
|
Tax expense (recovery) |
– |
– |
– |
(50,000) |
||||||
|
Net income (loss) from continuing operations |
$ |
3,388,015 |
$ |
(36,423,978) |
$ |
(2,584,024) |
$ |
(67,396,468) |
||
|
EBITDA1 |
$ |
4,887,019 |
$ |
(27,036,074) |
$ |
(3,933) |
$ |
(48,114,577) |
||
|
Adjusted EBITDA1 |
$ |
5,676,303 |
$ |
(21,901,608) |
$ |
3,006,765 |
$ |
(33,552,620) |
||
|
Diluted income (loss) per share |
$ |
0.01 |
$ |
(0.12) |
$ |
(0.01) |
$ |
(0.22) |
||
|
Net cash inflows (outflows) from operating activities |
$ |
(2,404,273) |
$ |
(6,448,079) |
$ |
(1,216,180) |
$ |
(1,583,101) |
||
|
Net cash inflows (outflows) from investing activities |
$ |
– |
$ |
– |
$ |
– |
$ |
(7,305,432) |
||
|
Net cash inflows (outflows) from financing activities |
$ |
– |
$ |
19,253 |
$ |
306,712 |
$ |
355,437 |
||
|
As at |
December 31, 2019 |
March 31, 2019 |
||||||||
|
Total assets |
$ |
26,176,194 |
$ |
27,761,197 |
||||||
|
Total non-current liabilities |
$ |
290,915 |
$ |
– |
||||||
|
(1) |
Gross mining margin equates to income from digital mining less operating and maintenance costs and is a non-IFRS measure; see Non-IFRS Measures in MD&A for reconciliation |
|
(2) |
Revaluation is calculated as the change in value (gain or loss) on the coin inventory. When coins are sold, the net difference between the proceeds and the carrying value of the digital currency (including the revaluation), is recorded as a gain (loss) on the sale of digital currencies |
|
(3) |
EBITDA and Adjusted EBITDA are non-IFRS measures; see Non-IFRS Measures in MD&A for reconciliation |
Financial Statements and MD&A
The Company’s Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis (MD&A) thereon for the three and nine months ended December 31, 2019 will be accessible on SEDAR at www.sedar.com under HIVE’s profile and on the Company’s website at www.HIVEblockchain.com.
Webcast Details
Management will host a webcast on Tuesday, March 3, 2020 at 9:00 am Eastern Time to discuss the Company’s financial results. Presenting on the webcast will be Frank Holmes, Interim Executive Chairman and Darcy Daubaras, Chief Financial Officer. IMPORTANT- Click here to register for the webcast.
SOURCE HIVE Blockchain Technologies Ltd.
VILNIUS, Lithuania, Nov. 1, 2024 /PRNewswire/ — BingX, a global leading cryptocurrency exchange, is excited to announce the official launch of Legend of Arcadia‘s ARCA token on the BingX launchpool. This highly anticipated event brings a robust reward pool of 800,000 ARCA, inviting users to stake with USDT and BTC in a campaign that combines accessibility for new users with compelling earning potential for all.
Legend of Arcadia (LOA) is a card-based RPG game built on a vast story universe inspired by Kingdom Hearts. LOA is built with the latest technology for the modern gamer, powered by blockchain. This ARCA Launchpool campaign will run for a limited time and participants will have the chance to join three staking pools, one of which is an exclusive newcomer pool for USDT, featuring a capped staking limit of 2,000 USDT and offering 35% of the total reward pool. There is also an additional USDT pool and BTC pool, open to all users. To further amplify rewards, users can participate in an ARCA staking event, maximizing opportunities for participants during this limited-time campaign.
Vivien Lin, Chief Product Officer of BingX, highlighted this launch as an exciting addition to BingX’s expanding GameFi offerings. “The ARCA launch on BingX Launchpool introduces our community to an immersive GameFi experience, where blockchain rewards meet engaging gameplay,” Lin remarked. “The game showcases the type of high-value, innovative GameFi projects we would like to support. We are glad to see a new attempt for sustainable web3 gaming.”
BingX Launchpool offers a user-friendly design for a seamless staking experience, featuring flexible staking and withdrawal options that let users deposit or withdraw assets anytime during the campaign. Rewards are automatically calculated hourly and distributed directly to users’ accounts, with all assets returned upon the campaign’s end. This streamlined process makes staking with BingX Launchpool simple and efficient from start to finish.
BingX Launchpool’s introduction of the ARCA token serves as a bridge, connecting innovative project teams like Legend of Arcadia with a global user base eager for fresh opportunities in the GameFi space. By offering a platform that amplifies visibility and engagement, BingX empowers projects to reach new audiences while enabling users to participate in blockchain-driven experiences. This collaboration highlights BingX’s dedication to enriching its ecosystem, delivering added value to users, and supporting the ongoing evolution of Web3 gaming.
About BingX
Founded in 2018, BingX is a leading crypto exchange, serving over 10 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports.
For more information please visit: https://bingx.com/
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DUBLIN, Nov. 1, 2024 /PRNewswire/ — Aon plc (NYSE: AON), a leading global professional services firm, today announced the signing of a definitive agreement to acquire UK-based insurance broker Griffiths & Armour. Upon completion of the transaction, Griffiths & Armour will become wholly-owned by Aon UK Limited and is proposed to go to market as “Griffiths & Armour, an Aon company”.
The acquisition closely aligns with Aon’s strategy to further expand its presence in the UK and Ireland. The combination will provide a greater breadth of solutions for clients across both Aon and Griffiths & Armour with complementary strengths that create a platform for further growth in the UK, Ireland and beyond. Together, Aon and Griffiths & Armour share a strong cultural alignment through an unwavering focus on clients and colleagues.
“As we continue to go further, faster to help our clients navigate growing uncertainty and volatility, we are looking forward to welcoming Griffiths & Armour to Aon,” said Greg Case, CEO of Aon. “Our complementary capabilities and cultures will create unmatched client and colleague experiences across the UK and Ireland and contribute to our global 3×3 Plan to accelerate our Aon United strategy.”
Griffiths & Armour has established a market-leading presence from their base in the north of England as well as a strong national and international reputation. With around 200 employees, Griffiths & Armour are known for their specialist expertise in professional indemnity insurance and strength in general insurance broking. As part of the acquisition, Aon is committed to Griffiths & Armour’s Liverpool office at Princes Dock and its strong team in Liverpool, Manchester, Dublin and London.
Carl Evans, CEO of Professional Risks for Griffiths & Armour, commented; “Becoming part of the Aon family is the result of a meticulous search for a trusted partner with whom we can work, to ensure the future success of Griffiths & Armour and to enable us to enhance, grow and expand our unique client proposition. This proposition is founded on a culture that has been created and refined over the last 90 years, of which we are immensely proud.”
Matt Donnelly, CEO of General Insurance for Griffiths & Armour, added; “We have long-regarded Aon for its professionalism and client service excellence. In them we have found a partner who will not only help deliver continued growth, but also preserve and embrace the culture that we and our client community hold dear. We very much look forward to this next chapter.”
“Griffiths & Armour is a brilliant business and will bring quality, expertise and an exceptional platform for growth to our firm,” said Jane Kielty, UK CEO at Aon. “We’re very excited to work with the leadership team to deliver the fantastic results for clients and colleagues that we passionately believe will be created by joining together.”
Closing of the transaction is subject to customary conditions, including regulatory approvals, and is expected to occur in the first quarter of 2025. Aon and Griffiths & Armour will continue to operate independently until the closing date.
About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.
Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon’s newsroom and sign up for news alerts here.
About Griffiths & Armour
Griffiths & Armour are a consulting insurance broker providing clarity and protection for business leaders. We exist to make our clients’ worlds less complicated by minimising risk. We work across a range of sectors by combining deep market insight, long-term relationships, and end-to-end support to manage and minimise professional and business risk, as well as offering private client support to protect individuals’ most important personal assets.
Media Contacts
Aon
[email protected]
Toll-free (U.S., Canada and Puerto Rico): +1 833 751 8114
International: +1 312 381 3024
Griffiths & Armour
[email protected]
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Fintech PR
Bybit Protects First-Time Copy Traders Against Potential Fiat Losses in Limited-Time Offer
DUBAI, UAE, Nov. 1, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has introduced new fiat protection for trading novices to counter potential market risks. First-time depositors may enroll to protect their investment in Bybit’s Fiat Loss Coverage Frenzy campaign this season.
From now to Dec. 1, 2024, Bybit is offering up to 100 USDT in Fiat Loss Coverage Vouchers (“the Voucher”) for as little as 100 USDT in first-time trading. Users making a first-time deposit and lured by the power of Copy Trading may sign up for the exclusive event for a confidence boost as well as potential capital protection.
The generous offer is available for eligible users only and the number of Vouchers is limited. Users may follow three simple steps to seize an opportunity to minimize their risk of asset devaluation:
- Deposit: Users making a first-time deposit of at least 100 USDT in any currency via Bybit P2P, Fiat Deposit or One-Click Buy
- Claim the Voucher: Access the “Claim” button at the Bybit Copy Trading page for up to 100 USDT in Fiat loss coverage
- Explore Copy Trading: Choose the first Master Trader wisely and execute the first copy trade in the amount of at least 100 USDT in either Smart Copy Mode or Advanced Copy Mode. Should the trade result in a loss, holders of the Voucher will be reimbursed up to the Voucher value.
Fiat and crypto solutions on Bybit come with copious benefits and rewards, including innovative mechanisms to enhance Bybit’s protection of users’ interests. The exchange is also trusted for its deep liquidity and tried-and-tested reliability, 24/7 customer support, and diversity of products and solutions.
“Investing comes with risks, and for retail investors starting to diversify into crypto, we’ve got their back. This campaign is a gesture of support and an invitation into the world of digital assets for new users, and Bybit serves to take away some of the stress for a better trading experience,” said Joan Han, Sales and Marketing Director at Bybit. “I hope it offers extra protection for new traders as they embark on their journey,” she added.
Visit Bybit Fiat and explore Bybit Copy Trade for more information, terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
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