HIVE Swallowed by $84.7M Swedish Tax Provision Amid Record Bitcoin Output

HIVE Digital Technologies, a cryptocurrency mining firm, booked an $84.7 million non-cash tax provision due to contested Value-Added Tax (VAT) exposure in Sweden.

The provision was triggered by adverse court rulings and changes to HIVE's accounting assessment.

This non-cash charge led to a GAAP net loss of $142.9 million, which exceeded the company's quarterly revenue of $79.1 million.

HIVE received 1,004 BTC during the quarter, but the Swedish tax provision equaled about 40.7% of its $208 million cash balance.