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SmokyStock

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SmokyStock

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Wednesday, 02/22/2023 6:55:19 AM

Wednesday, February 22, 2023 6:55:19 AM

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Crypto miner Hive Blockchain posts wider losses, cites Ethereum Merge

Hive reported a net loss of US$90 million for the quarter ended Dec. 31, compared to a net income of US$51.2 million in the same period the year prior. This was the first quarter it didn't mine Ether since last September's Merge upgrade. Hive navigated this quarter by selling energy back to the grid, repurposing GPUs to mine Bitcoin, and upgrading its fleet of ASICs. Its shares on the Nasdaq closed down 9.5% on Tuesday at US$3.05, a 67% drop from US$9.35 a year ago.
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