Bitcoin and the bear market: a crypto mining giant is collapsing

Gray mine for cryptocurrency mining – As Riot Blockchain revenue in the previous quarterrevenue from Vancouver, Canada-based mining company Hive Blockchain is down from a year ago.

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Hive Blockchain: figures at half mast during the crypto winter

According to a press release dated November 15 that presents the results of its second fiscal quarter ended September 30, Hive Blockchain’s revenue for the period amounted to $29.6 millionfor 858 BTC “green and clean” and 7,309ETH mined. These cryptocurrencies were sold for the purchase of new ASIC miners.

This Hive Blockchain revenue for its second fiscal quarter recorded a 45% drop compared to the turnover of the previous year, for the same period.

When will spring return to the crypto markets?

Concerning the other intermediate management balances, the gross margin on mining amounted to $15.9 millionor to 54% revenue from cryptocurrency mining. At the same time, in the previous financial year, this amount was $46.0 milliona figure that represented 86% mining revenue.

In terms of net margin, the company suffered a pre-tax net loss of $37.2 million from July to September of this year, a loss of $0.45 per share. During the same period in 2021, Hive Blockchain recorded a net profit of $59.8 millionfor a gain of $0.16 per share at the time.

The crypto winter has already had a significant negative impact on the financial performance of miners in the previous quarter. The finances of players in the sector have been put even more to the test during this last quarter with the FTX crisis, which has led to a fall in Bitcoin price below $17,000.

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