Crypto mining saw severe losses last year as prices went south. Several notable players in the space slid into bankruptcy, while others had to take cost-cut measures and shut down branches.
This was also reflected in the Canadian cryptocurrency miner Hive Blockchain’s revenue, which halved to $14.3 million in Q3 as compared $29.6 million total it made in the previous three-month period.
Hive Blockchain’s Q3 Result
According to the official report, Hive said hedging its energy contracts, selling power back to the grid, and optimizing its operating capacity to focus on maximum profit per KWHR helped it realize a profit from mining operations in the third quarter of 2022.
During this period, it reportedly mined 787 Bitcoin, with a 25 Gross Mining Margin representing $3.62 million of income from mining operations.
The Vancouver-based cryptocurrency miner recorded a net loss of over $90 million as a result of the “impairment from the value of ASIC and GPU chips declining with the drop in Bitcoin and Ethereum prices and the mark-to-market Bitcoin HODL position.”
