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Hive Blockchain produced 821 BTC and 7,675 ETH in Q1, with a net loss of $95.3 million

August 18, 2022
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According to the official announcement, the first quarter revenue of the crypto mining company Hive Blockchain ended June 30, 2022 was $44.2 million, a year-on-year increase of 13%.

During the quarter, Hive Blockchain mined 1,338 bitcoin equivalents, including 821 bitcoins and 7,675 ethers. HIVE’s total digital currency output increased by 7% quarter-on-quarter, including a 4% increase in bitcoin production and a 20% increase in ethereum production.

The net loss for the quarter ended June 30 was $95.3 million, primarily due to higher non-cash charges such as depreciation, unrealized valuation losses on digital currencies and investments, and impairment charges on equipment and equipment deposits. As of June 30, Hive Blockchain held $71.4 million in digital currency assets.

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