Bitcoin (BTC) mining analyst Jaran Mellerud estimated that the Ethereum (ETH) merge might have led to a 40% drop in Hive Blockchain’s revenue.

Hive just lost its ether mining cash cow.

I estimate its revenues to have fallen by 40% due to "the merge". pic.twitter.com/1vq0U6EUze

— Jaran Mellerud (@JMellerud) December 5, 2022

Mellerud highlighted that the mining firm’s ETH business was more profitable than its Bitcoin activities, meaning the merge event could lead to a 60% loss in its operating cash flow.