Bitcoin miner Hut 8 reports $69 million second-quarter net loss
Bitcoin miner Hut 8 reported a net loss of C$88.1 million (about $69 million) and 17.8% decline in revenue to C$43.9 ($34.3 million) in the second quarter of 2022.
The company’s financial results were affected by the lower average bitcoin price and increased average power costs, it said in a report published Thursday.
“We have been anticipating market volatility for nearly a year and took proactive measures to successfully navigate the current downturn through the balance of the cycle,” said CEO Jaime Leverton.
Hut 8 grew its hash rate by 9.5% to 2.78 exahash per second (EH/s) as of the end of the second quarter. It has also ramped up capacity at three of its sites in Canada (North Bay, Drumheller and Medicine Hat).
The company mined 946 Bitcoin in the second quarter and increased its bitcoin holdings by 14.6% to 7,406 BTC.
The miner has also been growing its high-performance computing business, which accounted for $4.7 million of its revenue last quarter.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Catarina Moura
