Vancouver-based cryptocurrency mining agency Hive Blockchain Applied sciences Ltd. reported greater losses in its newest quarterly earnings report printed Tuesday, primarily as a result of Ethereum’s Merge and decrease Bitcoin costs.
- Within the quarter that ended on Dec. 31, Hive booked a internet lack of US$90 million, in comparison with a internet revenue of US$51.2 million in the identical interval the 12 months prior.
- Hive stated that this was the primary quarter it didn’t mine Ether since final September’s Merge improve, when the community ditched the mining-based proof-of-work consensus mechanism and transitioned to a proof-of-stake mannequin.
- “Hive navigated this quarter by promoting power again to the grid, repurposing our GPUs to mine Bitcoin, and upgraded our fleet of ASICs to enhance our total effectivity,” Aydin Kilic, president and chief govt officer of Hive, stated within the report.
- Hive’s shares on the Nasdaq closed down 9.5% on Tuesday at US$3.05, a 67% drop from US$9.35 a 12 months in the past.
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