Bitcoin miner HIVE posts a fiscal quarter net loss of $78.7 million.

On Nov 10, according to The Block, bitcoin mining company HIVE Digital Technologies reported a net loss of $78.7 million for the second quarter ended September 30, compared to a net loss of $15.8 million in the same period last year; revenue was $84.9 million, down 2.7% year over year.

During the quarter, HIVE received 1,070 BTC in mining rewards, up from 718 in the same period last year, but mining revenue declined from $82.1 million to $76 million. The company noted that the decrease in Bitcoin's average quarterly price was the main reason for the drop in revenue.

HIVE's BUZZ high-performance computing business generated $8.8 million in revenue, a 70.7% increase year over year; the company also recorded a $31.2 million impairment charge on its mining equipment.