Jamie Ashcroft, the News Editor for Proactive UK, has developed an impressive career in financial journalism, focusing on the small-cap sector for over fourteen years. Before joining the Proactive team, he was a stockbroker during the global financial crisis, a role that complemented his educational background - a firstclass degree in Business and Economics and qualifications in software design and development. As one of the early external hires at Proactive in 2009, Jamie contributed... Read more Proactive ...

About this content About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical ...

After Friday’s “halving” event, which cut Bitcoin (BTC-USD) block rewards from 6.25 bitcoins to 3.125 bitcoins, miners are even more important to the cryptocurrency ecosystem.The three miners we’ll explore are looking to improve their efficiency by updating their all-in sustaining costs (AISCs) and optimizing their firmware; they also come with upside potential going up to 127%. Under the new reward system, raising the hash rate per unit of energy can increase your profits.Due to the lower profit margin, bi ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

About this content About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical ...

Financial Performance - Revenue from digital currency mining for Q3 2023 was $30,115,000, a 110.5% increase from $14,318,000 in Q3 2022[3] - Net loss for the period was $6,951,000 in Q3 2023, compared to a net loss of $93,459,000 in Q3 2022, indicating a significant reduction in losses[3] - For the nine months ended December 31, 2023, the net loss was $47,751,000, a significant improvement from a net loss of $243,143,000 in the same period of 2022[5] - Revenue recognized from digital currency mined decreased to $75,973,000 from $88,094,000 year-over-year, reflecting a decline of approximately 14%[5] - The company reported a revaluation gain on digital currencies of $19,352,000 in Q3 2023[3] - Basic loss per share improved to $(0.08) in Q3 2023 from $(1.13) in Q3 2022[3] Assets and Equity - Total assets increased to $231,235,000 as of December 31, 2023, up from $196,117,000 as of March 31, 2023, representing a 17.9% growth[2] - The company reported a total equity of $180,053,000 as of December 31, 2023, an increase from $148,815,000 as of March 31, 2023, reflecting a 20.9% rise[2] - Digital currencies held by the company amounted to $71,894,000 as of December 31, 2023, compared to $65,899,000 as of March 31, 2023, showing an increase of 9.1%[2] - The carrying amount of plant and equipment increased to $306.1 million as of December 31, 2023, from $256.4 million as of March 31, 2023, reflecting a growth of approximately 19%[35] Cash Flow and Investments - Cash provided by operating activities was $33,302,000, down from $46,839,000 in the previous year, indicating a decrease of about 29%[5] - The company reported cash used in investing activities of $64,648,000, compared to $40,752,000 in the prior year, representing an increase of approximately 58%[5] - Cash provided by financing activities was $44,758,000, a turnaround from cash used of $2,567,000 in the same period last year[5] - As of December 31, 2023, the company held investments totaling $6,900,000, up from $2,866,000 at the end of the previous fiscal year[28] Costs and Expenses - Operating and maintenance costs for Q3 2023 were $19,963,000, up from $10,703,000 in Q3 2022, representing an increase of 86.5%[3] - The total cost of sales was $19.96 million, a significant increase from $10.70 million in the same period of 2022, representing an increase of 86.5%[82] - Digital currency mining costs for the nine months ended December 31, 2023, were $51.93 million, compared to $41.52 million in the same period of 2022, reflecting a year-over-year increase of 25.0%[82] Shareholder Actions - The company issued 7,549,840 shares in a recent offering, raising $30,302,000[4] - The company issued 1,374,700 common shares under the May 2023 ATM Equity Program for gross proceeds of $6.8 million[65] - Under the August 2023 ATM Equity Program, the company issued 6,175,140 common shares for gross proceeds of $24.4 million[65] - The company completed a bought-deal financing of 5,750,000 special warrants at a price of C$5.00 per warrant, raising aggregate gross proceeds of C$28.75 million[71] Liabilities and Provisions - The company recorded a provision of $4.9 million for uncertain collectability of sales tax receivables as of December 31, 2023[30] - The company is facing a contingent VAT liability of approximately $40.9 million from the Swedish Tax Authority, related to VAT assessments for the period from December 2020 to December 2022[57] - The liability component of the convertible loan decreased to $3.9 million as of December 31, 2023, down from $4.7 million as of March 31, 2023[43] Digital Currency Holdings - The company’s Bitcoin holdings were valued at $71.7 million as of December 31, 2023, with a total of 1,704 coins[32] - The company’s Ethereum Classic holdings increased to 124, with a total of 5,746 coins as of December 31, 2023[32] - The total value of digital currencies held by the company increased to $71.9 million as of December 31, 2023, up from $65.9 million as of March 31, 2023, representing an increase of approximately 3%[32] Market and Operational Risks - The company continues to face challenges related to the global supply chain, including increased shipping costs and delays in obtaining equipment from suppliers[10] - Digital currencies held by the company are subject to significant price risk, with their values being highly volatile and influenced by various market factors[107] - The company does not hedge the conversion of any of its coin sales or future mining of digital currencies, exposing it to market price fluctuations[125] - Regulatory actions in various jurisdictions, such as China’s ban on digital currencies, could adversely affect the digital asset market and the Company's operations[122] Strategic Developments - The company incorporated a wholly owned subsidiary, Bikupa Real Estate AB, on May 24, 2023, to facilitate the acquisition of a data center[8] - The company acquired a data center in Sweden on November 29, 2023, for a total consideration of $2,376, which includes cash payment of $647 and shares issued valued at $1,089[135] - The next Bitcoin halving is expected in April 2024, which could significantly impact the Company's profitability if Bitcoin prices do not adjust favorably[120]

HIVE Digital Technologies Ltd. (formerly, HIVE Blockchain Technologies Ltd.) Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2023 and 2022 (In thousands of U.S. dollars) (Unaudited) HIVE Digital Technologies Ltd. (formerly, HIVE Blockchain Technologies Ltd.) Condensed Interim Consolidated Statements of Financial Position (In thousands of US dollars) (Unaudited) | | | | September 30, | | March 31, | | --- | --- | --- | --- | --- | --- | | | Notes | | 2023 ...

HIVE Digital Technologies Ltd. (formerly, HIVE Blockchain Technologies Ltd.) Condensed Interim Consolidated Financial Statements For the three months ended June 30, 2023 and 2022 (Expressed in US dollars) (Unaudited) HIVE Digital Technologies Ltd. (formerly, HIVE Blockchain Technologies Ltd.) Condensed Interim Consolidated Statements of Financial Position (Expressed in US dollars unless otherwise indicated) (Unaudited) | | | | June 30, | | March 31, | | --- | --- | --- | --- | --- | --- | | | Notes | | 2023 ...

DISCLOSURES TODAY'S PRESENTERS MACRO RECAP Standard Deviation For One Year, as of December 31, 2022 S&P 500 ±2% ±4% HIVE Blockchain Technologies Ltd. ±6% ±19% Q3 F2023 Results Webcast Quarter Ended December 31, 2022 2 3 HIVE NasdaqListed Gold Bullion ±1% ±3% Tesla ±4% ±13% DNA OF VOLATILITY UNDERSTANDING RISK OUR STRATEGY What unique value do we bring? How do we sustain our unique value? Frank Holmes Executive Chairman Aydin Kilic President & CEO Gabriel Ibghy General Counsel To go public September 2017 1st ...

Revenue and Financial Performance - Revenue from digital currency mining for the three months ended December 31, 2022, was $14.3 million, a significant decrease from $68.2 million in the same period in 2021[3] - Net loss for the three months ended December 31, 2022, was $90.0 million, compared to a net income of $51.2 million in the same period in 2021[3] - Net loss for the nine months ended December 31, 2022, was $222.3 million, compared to a net income of $113.6 million in the same period in 2021[5] - The company's revenue from digital currency mining for the nine months ended December 31, 2022, was $88,093,816, a decrease from $158,042,263 in the same period in 2021[123] - Basic loss per share for the three months ended December 31, 2022, was $1.09, compared to a basic income per share of $0.66 in the same period in 2021[3] - Net income for the period was restated from $137,598,748 to $113,593,813, with basic income per share adjusted from $0.36 to $1.49[128] Asset and Liability Changes - Total assets decreased from $452.3 million as of March 31, 2022, to $189.4 million as of December 31, 2022[2] - Digital currencies held by the company decreased from $170.0 million as of March 31, 2022, to $39.0 million as of December 31, 2022[2] - Total equity decreased from $389.1 million as of March 31, 2022, to $140.9 million as of December 31, 2022[2] - Accumulated deficit increased from $60.2 million as of March 31, 2022, to $304.7 million as of December 31, 2022[2] - The company's cash balance at the end of December 31, 2022, was $8.6 million, down from $63.6 million at the end of December 31, 2021[5] - Total digital currencies held by the company decreased to $38,952,964 as of December 31, 2022, from $170,000,412 on March 31, 2022, with Bitcoin holdings dropping to $38,864,138 from $117,669,390[31] - Liability component balance decreased from $5,599,006 on March 31, 2022, to $4,966,094 on December 31, 2022, due to principal and interest payments[42] - Derivative component balance significantly decreased from $4,986,354 on March 31, 2022, to $92,343 on December 31, 2022, due to changes in fair value[43] - Total loan balances decreased from $15,692,339 on March 31, 2022, to $14,165,317 on December 31, 2022, primarily due to foreign exchange movements[46] - Term loan balance decreased from $9,375,244 on March 31, 2022, to $7,552,744 on December 31, 2022, due to repayments and foreign exchange movements[49] - Right of use asset carrying amount decreased from $12,587,882 on March 31, 2022, to $11,167,807 on December 31, 2022, due to depreciation and foreign exchange movements[51] - Lease liability balance decreased from $12,649,194 on March 31, 2022, to $8,204,504 on December 31, 2022, due to lease payments and foreign exchange movements[52] Impairment and Depreciation - Impairment of miner equipment for the three months ended December 31, 2022, was $38.8 million, with no impairment recorded in the same period in 2021[3] - The company recorded an impairment charge of $71,416,760 on its equipment for the nine months ended December 31, 2022, due to the Ethereum blockchain merge and downturn in digital currency prices[33] - Equipment deposits decreased to $37,108,373 as of December 31, 2022, from $57,567,943 on March 31, 2022, with a provision for impairment of $22,653,287 recorded during the three months ended December 31, 2022[36] - The company revised the useful economic life of certain GPU machines from 4 years to 2 years due to the Ethereum merge, resulting in accelerated depreciation of $22,203,000 in the 3-month period ended September 30, 2022[35] - The company recorded provisions for impairment on equipment deposits of $22,653,287 during the three months ended December 31, 2022, based on the efficiency and quality of the expected equipment[37] Cash Flow and Financing - Cash provided by operating activities for the nine months ended December 31, 2022, was $46.8 million, down from $52.6 million in the same period in 2021[5] - Cash used in investing activities for the nine months ended December 31, 2022, was $40.8 million, a significant decrease from $145.1 million in the same period in 2021[5] - Cash used in financing activities for the nine months ended December 31, 2022, was $2.6 million, compared to cash provided by financing activities of $114.9 million in the same period in 2021[5] - The company allocated $8,560,630 of the $15,000,000 convertible loan proceeds to the derivative component, valued using the Black-Scholes option pricing model with a risk-free interest rate of 0.69% and expected volatility of 105%[41] - The ATM Equity Program was terminated, having sold 1,306,474 common shares for aggregate gross proceeds of $3,941,736 and net proceeds of $3,821,753[132] Digital Currency and Mining Operations - Revaluation loss on digital currencies for the nine months ended December 31, 2022, was $35.9 million, compared to a revaluation gain of $31.3 million in the same period in 2021[4] - The company stopped mining Ethereum after the Merge on September 15, 2022, shifting to a proof-of-stake validation method[109] - Digital currencies are measured at fair value less cost to sell, and their prices are influenced by global supply and demand, interest rates, and political conditions[100] - The company's digital currency holdings are vulnerable to hacking and malware, which could lead to theft and loss of digital wallets[101] - Digital asset exchanges' operational issues or failures could result in loss or less favorable prices of digital currencies, adversely affecting the company[103] - The company utilizes the Fireblocks platform to secure digital assets, with multi-party computation (MPC) protection layers ensuring no single point of failure for private keys[104] - Bitcoin mining operations consume significant electricity, and regulatory changes or public utility actions could adversely affect the company's business[108] - A 5% variance in Bitcoin price impacts the company's earnings before tax by $1,943,207, while a 5% variance in Ethereum Classic price impacts earnings by $4,439[118] Share Issuance and Compensation - Weighted average number of common shares outstanding for the three months ended December 31, 2022, was 82.7 million, compared to 77.7 million in the same period in 2021[3] - The company consolidated its common shares on May 24, 2022, on a 5:1 basis[63] - Issued 218,016 common shares pursuant to the vesting of 218,016 restricted share-units, reallocating $1,092,790 from reserves to share capital[64] - Issued 1,306,473 common shares (ATM Shares) for gross proceeds of $3,941,736 (C$5,235,413), with an average price per ATM Share of C$4.01[64] - Stock options outstanding as of December 31, 2022, totaled 3,073,415 with a weighted average exercise price of C$6.20[65] - Warrants outstanding as of December 31, 2022, totaled 3,573,727 with a weighted average exercise price of C$22.92[66] - Granted 415,200 stock options to employees and officers with an exercise price of C$5.66 per share and an expiry date of August 26, 2027[74] - Granted 1,425,280 RSUs to employees and officers with a fair value of C$5.66 per share, vesting over 24 months[74] - Share-based compensation expense for the nine months ended December 31, 2022, was $2,593,424 for options and $2,863,345 for RSUs[73] - Basic weighted average number of common shares outstanding for the nine months ended December 31, 2022, was 82,555,946[77] - The company granted 1,200,000 restricted share units to directors and an officer with a fair value of C$3.10 per share, vesting quarterly over 12 months[131] Expenses and Liabilities - Total finance expense for the nine months ended December 31, 2022, was $2,932,234[78] - General and administrative expenses for the nine months ended December 31, 2022, totaled $9,850,515[79] - The company's total contractual cash flows for financial and other liabilities as of December 31, 2022, amounted to $51,676,817[91] - A 10% fluctuation in the US dollar exchange rate would impact the company's earnings before tax by $437,920[94] - The company's exposure to interest rate risk is limited, with interest rates on loans fixed for one year from the date of issuance[95] - The company is contesting a VAT liability of approximately $32.4 million with the Swedish Tax Authority[54] Investments and Fair Value - The company's investment balance as of December 31, 2022, was $5.5 million, down from $17.0 million as of March 31, 2022, due to unrealized losses and foreign exchange impacts[27] - The fair value of Level 2 Assets is determined using quoted prices from the exchanges most frequently used by the company, with no adjustments[82] - As of December 31, 2022, the company's cash holdings were $8,611,396, and digital currencies were valued at $38,952,964[83] - The company's investments in Level 1 assets were valued at $1,140,045, while Level 3 investments were valued at $4,397,938 as of December 31, 2022[83] - The company's convertible loan derivative component decreased in fair value from $4,986,354 as of March 31, 2022, to $92,343 as of December 31, 2022[87] Accounting and Restatements - The company revised the useful life of certain computing equipment from 4 years to 2 years due to changes in market and economic factors[17] - The company changed its accounting policy for digital currencies from IAS 2 to IAS 38 to better reflect business activities and enhance comparability with industry peers[126] - The company restated its financial statements for December 31, 2021, with adjustments including a liability of $1,900,533 for holdback shares and a gain of $963,983 from the change in fair value of holdback shares[127] - Intangible assets were adjusted from $14,622,817 to $14,304,675, and share capital decreased from $328,732,256 to $325,549,598 due to restatements[128] - Accumulated other comprehensive income increased by $25,595,536, while accumulated deficit decreased by $23,628,557 to $(16,657,527)[128] - Revaluation of digital currencies resulted in a loss of $1,057,432, and gain on sale of digital currencies was adjusted to $82,190[128] Acquisitions and Commitments - The company completed the acquisition of GPU Atlantic Inc. on April 15, 2021, for a total consideration of $18.6 million, including 1,000,000 common shares[21] - GPU Atlantic has a 50-megawatt data centre campus located in New Brunswick, Canada[22] - The company has purchase commitments of $4,078,800 for mining equipment as of December 31, 2022[53] Receivables and Prepaid Expenses - Sales tax receivable increased to $6,582,567 as of December 31, 2022, up from $4,516,993 on March 31, 2022[28] - Prepaid expenses and other receivables rose to $7,019,172 as of December 31, 2022, compared to $3,021,408 on March 31, 2022[28] Management Compensation - Key management compensation increased to $1,183,328 for the nine months ended December 31, 2022, compared to $471,757 for the same period in 2021[62]