Hut 8 Sees $18.3 Million Revenue Drop in Q2


Hut 8, a Toronto-based cryptocurrency mining company, has reported its operating and financial results for Q2, 2023. Revenue for the quarter ending June 30 was $14.3 million (CAD 19.2 million), a decrease of $18.3 million (CAD 24.6 million) from Q2, 2022. The company posted a loss of $12.4 million (CAD 16.7 million) for the period, with per-share loss of 6 cents (8 Canadian cents).

During the quarter, Hut 8 mined 399 Bitcoin (BTC) and sold a total of 396 BTC for $10.9 million (CAD 14.7 million). Additionally, the company’s self-mined BTC balance as of June 30, 2023 – held in custody or pledged as collateral – stood at 9,136 BTC with a market value of $274 million (CAD 368.7 million).

The miner attributed the decrease in revenue and number of Bitcoins mined to the increase in Bitcoin mining difficulty, issues at its North Bay Facility, and electrical problems encountered at the Drumheller facility. However, they noted that they had been successful in managing their costs.

Hut 8 also announced that a shareholder vote on its merger with US Bitcoin (USBTC) is expected on September 12. The company recently secured a $50 million credit facility from Coinbase in June.

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