HIVE
Blockchain Technologies Ltd. (TSX:HIVE), a publicly-listed crypto mining
company, has published a quarterly report for the three-month period ended 31
December 2022, showing a significant decrease in digital currency production
revenue of 51.6% year-over-year (YoY) to $14.1 million.
HIVE Reports Q4 Financials
According
to Tuesday’s press release, Ethereum’s ‘The Merge’, prolonged cryptocurrency
winter, rising mining difficulty and tumbling crypto prices were among the main
reasons for the sharp yearly decrease in quarterly revenue.
HIVE was
able to mine 787 BTC in the reported period, rising 13% YoY. In January, the
publicly-listed miner showed an overall increase in Bitcoin production
statistics for 2022 of 18% YoY to 4,752. However, the turbulences mentioned above cut
the profit margins down effectively.
The crypto
miner held $39 million in cryptocurrency assets at year-end. The company
reported a significant increase in new Bitcoin production difficulty in the
fourth quarter, growing 37% to $18,072 compared to $9,894 reported in the
previous quarter.
The net
result for the entire quarter translated to a sizable loss of $90 million,
compared to the $37 million loss reported in the third quarter of the calendar
year 2022. In the three months ending 30 September 2022, the company reported a
45% decrease in revenue, despite the higher BTC production.
“Strategically,
we have not…
