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A major miner doubled Bitcoin production but incurred a $148 million loss
Mining company Hive Digital Technologies reported a net loss of $148.4 million for the fiscal year ending March 31.
Hive operates in Canada, Sweden, and Paraguay. The company's hash rate reached about 25 Eh/s, accounting for approximately 2.5% of the global Bitcoin network computing power.
Over the past year, the company mined 2,885 BTC, significantly more than the 1,414 BTC mined the previous year. However, Hive continues to sell most of its mined coins. As of the end of March, it held 150 BTC, compared to 481 BTC three months earlier.
The company noted that most of the loss was related to non-cash items, including equipment depreciation.
Additionally, Hive, like many industrial miners, is betting on artificial intelligence. The company announced plans to build an AI data center near Toronto with a capacity of 320 MW and over 100,000 Nvidia graphics processors.
In May, the largest mining company in the US, MARA Holdings, reported a net loss of $1.3 billion for the first quarter of 2026 and sold 20,000 Bitcoin for $1.1 billion.