Bitcoin mining company HIVE reports $78.7 million net loss for fiscal quarter

According to TechFlow, on November 10, citing The Block, bitcoin mining company HIVE Digital Technologies reported a net loss of $78.7 million for the second fiscal quarter ended September 30, compared with a $15.8 million loss in the same period last year; revenue was $84.9 million, down 2.7% year over year.

During the quarter, HIVE earned 1,070 BTC in mining rewards, up from 718 BTC in the same period last year, but mining revenue fell from $82.1 million to $76.0 million. The company said the decline in the average quarterly price of bitcoin was the main reason for lower revenue.

Revenue from HIVE's BUZZ high-performance computing business was $8.8 million, up 70.7% year over year; the company also recorded a $31.2 million impairment on mining equipment.

Source: TechFlow