HIVE Blockchain Technologies (NASDAQ:HIVE) shares are rising 3.9% in Wednesday morning trading despite a slump of over 63% in gross mining margin during its fiscal Q4. Nevertheless, HIVE's (HIVE) revenue of $49.8M in Q4 fell short of the average analyst estimate of $50.8M and dipped from $68.8M in the third quarter. Gross mining margin of $22.9M in Q4 dropped from $62.3M in Q3. And as a percentage, gross mining margin fell to 46% in Q4 from 90% in the previous quarter. The company's loss on sale of digital currencies came in at $30.9M in Q4, compared with -$7M in Q3. Q4 adjusted EBITDA of $11.8M also swooned from $77.6M in Q3. As HIVE (HIVE) wraps up its fiscal year, "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,” said Executive Chairman Frank Holmes. In addition to its record 2022 revenue, perhaps the intraday upswings in bitcoin (BTC-USD) and ethereum (ETH-USD) are helping push up the price of the crypto miner. Earlier, HIVE Blockchain reported its full-year results.
