Hive Blockchain revenue declines by 44% Y/Y despite overall mining production surge
Cointelegraph
Published Nov 15, 2022 01:15PM ET
Updated Nov 15, 2022 03:00PM ET
According to its second-quarter (ending Sept. 30) earnings presentation released on Nov. 15, Vancouver-based digital assets mining company Hive Blockchain’s revenue declined by 44% year over year to $29.6 million. During the same period, the company’s net income also decreased from $59.8 million in the prior year’s quarter to a loss of $37 million.
Hive Blockchain’s net income was notably higher than its revenue in Q2 2022, as the company also recognized over $22 million worth of gains on the Bitcoin (BTC) and Ether (ETH) it mined. Although the company did not suffer material capital losses on coins in Q2 2023, it did, however, record a $26.2 million impairment expense to its mining rigs.
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Written By: Cointelegraph
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