Hive recorded a net loss of $90 million in the quarter ended Dec. 31, compared with a net profit of $51.2 million in the same period last year.

Hive said it was the first quarter in which it did not mine Ether since the Merge update last September, when the network abandoned its proof-of-work consensus mechanism and switched to a share proof model.

Hive handled the situation this quarter by selling power back to the network, repurposing our GPUs for Bitcoin mining, and upgrading our ASIC fleet to improve overall efficiency

Hive stock on the Nasdaq on Tuesday was down 9.5% to US$3.05, down 67% from a year ago when it was worth US$9.35.