Bitcoin Miner Hut 8 Posts $71.9M Q2 Loss Despite 72% Revenue Growth
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North American Bitcoin miner and energy infrastructure operator Hut 8 Corp. announced Tuesday its financial results for the three and six months ending June 30, 2024.
Today we announced our financial results for the three and six months ended June 30, 2024, which reflect the ambitious restructuring program we set in motion six months ago. Despite the impact of the halving, our revenue grew 72% year-over-year to $35.2 million in the quarter,… pic.twitter.com/cutv0u1zPC
The company reported a 72% increase in revenue year-over-year, reaching $35.2 million in its latest quarterly earnings report. This growth stemmed from a 21% reduction in the cost per kilowatt-hour for mining Bitcoin and an expansion in the company’s computing power business lines.
Hut 8’s energy capacity now stands at 1,075 megawatts (MW), including Bitcoin mining, natural gas power generation, and cloud data centers. This expansion has supported revenue growth, even as challenges such as network halving and a drop in Bitcoin prices impacted profitability.
CEO Asher Genoot reported improved performance despite the network halving, with Digital Assets Mining segment’s gross margins rising to 46% from 34% year-over-year.
The activation of the Salt Creek facility reduced energy costs per kilowatt-hour by 21%, from $0.040 in Q1 2024 to $0.032 in Q2 2024. The company now owns approximately 49,400 miners, achieving a total hash rate of 4.8 exahash per second (EH/s).
Despite these positive financial returns, Hut 8 reported a net loss of $71.9 million, primarily due to a $71.8
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