Canada news on cryptocurrency – Hive Blockchain Reports Q3 Loss as Revenue, Mining Margin Be Reduced by Ethereum Merge The Canadian miner is launching its 25 times more lucrative cloud high-performance computing business.
As a result of the Ethereum blockchain’s transition to proof-of-stake validation, Canada news on cryptocurrency which reduced its income and gross mining margin by nearly 50%, the cryptocurrency mining company Hive Blockchain (HIVE) slipped to a third-quarter loss.
According to a press statement issued on Tuesday, the Vancouver-based company recorded a net loss of $90 million, or $1.09 per share, for the quarter that ended on December 31 as opposed to a profit of $51.2 million, or $0.66 per share, the year prior. In the last three months, it lost $37 million, or $0.45 per share.
With the termination of the blockchain’s proof-of-work validation technique by Ethereum’s “Merge” update in September, the final three months of 2022 marked the first quarter in which Hive did not mine any ether. The low price of bitcoin also had an adverse effect on revenue Bitcoin.
Hive is mining several cryptocurrencies that it subsequently turns into bitcoin utilizing some of its graphics processing units (GPUs) that were previously used to mine ether. Launching HIVE Performance Cloud as part of its post-Merge plan will enable it to use its GPUs for high-performance computing tasks other than mining.
Aydin Kilic, the new CEO of Hive who took over on January 17, stated in a statement, “This is a development of our competence as a technology firm and sets the ground for a new era in HIVE’s outpouring of technological services.
In terms of dollars per megawatt hour, or power use, the cloud sector is 25 times more profitable than mining in the present market environment, Hive reported on Tuesday. On a run-rate basis, Hive anticipates this business line to generate $1 million in yearly revenue.
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