Canadian Bitcoin miner HIVE experienced a 37% increase in BTC production, mining 3,258 bitcoins in fiscal year 2023 compared to 2,368 BTCs the previous year. However, despite this growth, HIVE suffered a net loss of $236.4 million in the recent fiscal year, in contrast to a net income of $79.6 million in 2022. The company’s gross operating margin also fell 69% from the previous year. Negative market conditions affected HIVE’s digital currency assets, which decreased from $170 million to $65.9 million. Despite this, the price of Bitcoin has been rallying, reaching its highest market price since mid-2022. Experts believe that Bitcoin’s price will continue to surge due to decreased supply and growing interest from investors in China.
AI Sentiment: Neutral