Why hive blockchain stock sometimes crumble.

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HIVE Blockchain Technologies (NASDAQ: HIVE), a cryptocurrency mining company, was unable to find a stock market gain. The company's stock price dropped by roughly 8% the day after it reported its quarterly earnings, which showed a sizable net loss despite double-digit revenue growth.

HIVE reported sales of slightly over $44 million for the first quarter of its fiscal 2023, made an increase of around 13% from the same period the previous year. The bottom line, however, told a very different tale as the business abruptly switched to a sharp net loss of $95.3 million as opposed to the $23.5 million profit from Q1 2022.

Anyone who follows the cryptocurrency market may guess why HIVE's loss was so significant. This was mostly caused by the decline in value of the three well-known coins that the company has been involved in at that time: Bitcoin, Ethereum, and Ethereum Classic.

It has been a chilly cold winter. HIVE had to drastically revalue its holdings in the most recent quarter as a result. It also suffered significant losses from the sale of coinage. These two things added up to staggering expenses of more than $155 million.

Currently, there aren't many investors who are enthusiastic about cryptocurrencies and cryptocurrency stocks. In the case of HIVE, this is made worse by the company's recent spate of large losses. For the corporation to stand a chance of totally escaping this most recent bear hug, sentiment must rise on at least one of those three coins.

HIVE Blockchain Technologies Ltd, is surpassed by 10 other stocks and It may be advantageous to pay attention when our highly-regarded expert team provides a stock tip for the investors. Given that they have been publishing Motley Fool Stock Advisor for more than ten years, the market has increased by three times.

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