Vancouver, Kelowna, Delta, BC – November 17, 2022 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.
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Crypto Corner Podcast 902: Stocks discussed: (NasdaqCM: HIVE) (NYSE: BTCM) (NasdaqCM: DGHI)
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Stocks discussed: (NasdaqCM:HIVE) (NYSE:BTCM) (NasdaqCM:DGHI)
HIVE Blockchain Technologies Ltd. (NasdaqCM:HIVE) has posted its earnings report for the second quarter ended September 30, 2022. Highlights include revenue of $29.6 million, the mining of 858 Bitcoin (BTC) and 7,309 Ethereum (ETH), but a net loss before tax of $37.2 million in the quarter. Frank Holmes, HIVE’s Executive Chairman, explained:
“It was an extremely challenging quarter for the global digital asset ecosystem, where we saw the capitulation of crypto prices due to the Proof of Stake ‘PoS’ Luna token blow up in the spring and subsequent contagion from over leveraged ‘shadow banks’, hedge funds and offshore exchanges. Strategically, we have not borrowed expensive debt against our mining equipment or pledged our Bitcoins for costly loans, thus our balance sheet remains healthy to weather this storm. We believe our low coupon fixed debt; attractive green renewable energy prices and high performing energy efficient ASIC chips will help us navigate through this crypto winter.”
BIT Mining Limited (NYSE:BTCM) has reported its unaudited financial results for the third quarter ended September 30, 2022. The company posted revenue of $97 million – down a significant $296.1 million from the $393.1 million recorded in Q3 2021. BIT Mining’s CEO, Xianfeng Yang, commented:
“Over the past quarter, we focused on R&D and identifying synergies across our vertically integrated supply chain. Cryptocurrency price weakness and higher energy prices have had a significant impact on stock prices and revenues of companies in our sector, including BIT Mining. Despite turbulent market conditions, we remain committed to our long term growth strategy and confident in our ability to create value for our shareholders in the future.”
Digihost Technology Inc. (NasdaqCM:DGHI) has also shared its unaudited financial results for Q3. The company mined 202.78 BTC in the quarter, and boasts mining revenue of $18.5 million for the nine-month period ended September 30, 2022, up 20 percent from the $15.4 million for the same period in 2021. Digihost’s CEO, Michel Amar, said:
“Digihost is pleased to present its third quarter financial results, highlighted by a 52% increase in Bitcoins mined during Q3 2022 compared to Q3 of 2021. The Company continues to be committed to conservatively managing its balance sheet and effectively allocating its capital resources in today’s challenging economic environment. We are proud to be one of the rare cryptocurrency mining companies with positive net income and EBITDA* year-to-date.”
Sam Mowers, Investorideas
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