The Vancouver-based crypto miner posted a net loss of US$90 million for the quarter that ended Dec. 31, 2022, compared to net income of US$51.2 during the same period last year. Revenue was approximately cut in half to US$14.3 million, compared to US$29.6 million the previous three months. (The Logic)
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The Vancouver-based crypto miner posted a net loss of US$90 million for the quarter that ended Dec. 31, 2022, compared to net income of US$51.2 during the same period last year. Revenue was approximately cut in half to US$14.3 million, compared to US$29.6 million the previous three months. (The Logic)
Talking point: Hive’s results represent its first full fiscal quarter that did not include any revenue from mining the cryptocurrency Ether. The Ethereum blockchain switched to a method for securing the protocol that does not require mining, called proof of stake, in September 2022. Hive announced an anticipated launch date in the second quarter of the 2023 calendar year for Hive Performance Cloud, a product that will allow clients to use its high performance computing equipment for purposes other than crypto mining and help Hive diversify its revenue. Hive also told CoinDesk in November it is mining other crypto tokens using an algorithm that automatically switches its machines to the most profitable blockchain.
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