Prominent Bitcoin miner in North America, Hut 8 Corp. (HUT), released its Q2 financial results for the period ending June 30, 2024. Despite a 72% year-over-year increase in revenue to $35.2 million, the company recorded a net loss of $71.9 million.
Hut 8 Financial Results
Hut 8's revenue for the second quarter of 2024 was $35.2 million, up 72% compared to the same period last year when it was $20.5 million. This growth was driven by the development of the company's energy and Bitcoin mining businesses.
Company Reorganization
The company's financial performance was affected by a $71.8 million loss due to the fair value adjustment of its digital assets, prompted by new Financial Accounting Standards Board (FASB) guidelines and a decrease in Bitcoin prices. Additionally, Hut 8's adjusted EBITDA for Q2 2024 was negative $57.5 million compared to positive $14.8 million in Q2 2023.
Bitcoin Mining Details
According to the company, Hut 8 oversaw 18 locations with a combined energy capacity of 1,075 MW, including 762 MW dedicated to Bitcoin mining in the U.S. Approximately 49,400 miners with a maximum output of 4.8 EH/s were under the company's control. However, during the reporting period, the company mined 279 Bitcoin, significantly fewer compared to 740 in the same period last year. The weighted average cost to mine one Bitcoin increased from $14,907 in Q2 2023 to $26,232 in Q3 2023.
Despite significant revenue growth, Hut 8's financial results for Q2 2024 were negative due to losses related to the fair value adjustment of digital assets and a decrease in Bitcoin prices. However, the company continues its aggressive reorganization, which, according to CEO Asher Genoot, is already yielding results.
Comments