Crypto mining firm HIVE Blockchain plans to delay filing its financial statement till Feb. 28 due to unforeseen tax notices issued to one of its European subsidiaries.

HIVE Blockchain was due to submit its 2022 interim financial statements on Feb. 14, 2023. However, it announced on Feb. 15 that one of its subsidiaries received a tax notice that needs to be addressed before the financial statement is filed.

HIVE explained that maintaining business operations across Canada, Sweden, and Iceland comes with reporting complications. Each country has unique filing requirements which require the firm to consult local accounting firms.

As a result, HIVE said it has moved to delay the interim financial filing as required by Canadian securities laws to enable the company to have more time to assess the potential impact of the tax notice.

In the meantime, the mining firm said it has applied to British Columbia Securities Commission for a cease trade order that will restrict HIVE executives, including CEO Frank Holmes from trading the shares until the interim filings are duly submitted.

HIVE added that it expects to file the interim financial statement on or before Feb. 28, 2023.

HIVE mining performance in 2022

By the end of Dec. 2022, HIVE reported that its mining operations mined about 3,146 BTC worth approximately $54.2 million. The number increased by 18% year-over-year when compared to some 4,032 BTC it mined in 2021.

The mining firm also installed about 2,050 mining rigs in Dec. 2022, including 1,423 BuzzMiner BTC miners.

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