Mining
Vancouver-based cryptocurrency mining agency Hive Blockchain Applied sciences Ltd. reported larger losses in its newest quarterly earnings report printed Tuesday, primarily as a result of Ethereum’s Merge and decrease Bitcoin costs.
Quick details
- Within the quarter that ended on Dec. 31, Hive booked a internet lack of US$90 million, in comparison with a internet earnings of US$51.2 million in the identical interval the 12 months prior.
- Hive mentioned 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 general effectivity,” Aydin Kilic, president and chief government officer of Hive, mentioned 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.
