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DeFi Buzz Drove Record $12M Earnings This Summer, Says Ethereum Miner HIVE Blockchain

The ether miner has reported its best ever quarter, saying that surging interest in DeFi led to bumper transaction fee revenues.

By Paddy Baker
AccessTimeIconOct 1, 2020 at 10:13 a.m. UTC
Updated May 9, 2023 at 3:12 a.m. UTC
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HIVE Blockchain has reported its best-ever quarter, as the mining firm raked in record fees from the frenzied activity in decentralized finance (DeFi) over the summer.

  • The Toronto-listed mining company released its unaudited results Thursday, saying it mined a total of 32,000 ether (ETH) and 121,000 ethereum classic (ETC) in the second fiscal quarter ending Sept. 30.
  • Per CoinDesk's price data, that comes to nearly $11.8 million for mining ether, and a further $664,000 for ethereum classic – approximately $12.4 million at time of writing.
  • The figures represent a near 30% increase from the 25,000 ETH that HIVE mined in the first quarter and a 50% increase on the same quarter in 2019.
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    • HIVE said it currently costs around $150 to mine a single ether. Based on September's average ether price of $343, the company made approximately $193 in gross profit.
    • Going by the amount processed across the fiscal quarter, HIVE – which expanded its ETH mining capacity by 20% in March – made roughly $614,000 from ether.
    • HIVE attributes its bumper quarter to the fees charged over the summer, when surging interest in DeFi led to record transaction volumes on Ethereum.
    • As fees for processing transactions increase with volume, miner revenue increased considerably over the summer.
    • CoinDesk reported last month that miners made an estimated $16 million in a single day for confirming DeFi-related transactions on Ethereum.
    • Before the announcement, HIVE shares closed 5% down Wednesday at 0.35 CAD ($0.26).

    See also: Ethereum Transaction Fees Set a Record Once Again as DeFi Becomes Even Pricier

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