Bitcoin Miner Hut 8 Witnesses $71.9M Q2 Loss Despite Revenue Surge

• Revenue increased for the Bitcoin miner by 72% year-over-year to $35.2 million.
• Hut 8’s adjusted EBITDA for the quarter came to a negative $57.5 million.

Prominent Bitcoin miner in North America, Hut 8 Corp. (HUT), released its Q2 financial results for the period ending June 30, 2024. A net loss of $71.9 million was recorded by the corporation, even though revenue increased by 72% year-over-year to $35.2 million.

Revenue during the quarter ending June 30, 2024, for Hut 8, increased to $35.2 million, from $20.5 million in the same time previous year, according to a press statement dated August 13, 2024. The development of the company’s energy and Bitcoin mining businesses drove this rise.

Hut 8 said it oversaw 18 locations with a combined energy capacity of 1,075 MW, including 762 MW dedicated to Bitcoin mining in the US. Roughly 49,400 miners, with a maximum output of 4.8 EH/s, were under the company’s control.

Aggressive Reorganization

A $71.8 million loss, caused by the fair value adjustment of its digital assets, which was prompted by new Financial Accounting Standards Board (FASB) guidelines and a decrease in Bitcoin prices, harmed the company’s financial performance, however.

In addition, compared to the $14.8 million in positive EBITDA recorded in Q2 2023, Hut 8’s adjusted EBITDA for the quarter came to a negative $57.5 million.

The company’s Bitcoin mining output for the quarter was 279, a decrease from 740 during the same time previous year. From $14,907 in Q2 2023 to $26,232 in Q3 2023, the weighted average cost to mine one Bitcoin increased.

The company’s chief executive officer, Asher Genoot, highlighted positive elements of the continuing reorganization efforts despite these hurdles. The aggressive reorganization initiative that we started six months ago is showing in the results this quarter, according to Genoot.

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