Hive Blockchain revenue declines by 44% Y/Y despite overall mining production surge By Cointelegraph
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Hive Blockchain revenue declines by 44% Y/Y despite overall mining production surge 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 (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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Hive Blockchain revenue declines by 44% Y/Y despite overall mining production surge 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 (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.
Continue Reading on Coin Telegraph
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