Hut 8 reports $18.3 million revenue decline in Q2

• Hut 8 posted revenue of $14.3 million (19.2 Canadian Dollars), which had fallen $18.3 million during the quarter compared to Q1, 2023.
• The company mined 399 Bitcoin (BTC) but sold a total of 396 BTC for $10.9 million (CAD 14.7 million) during the quarter.

Hut 8 has announced its operating and financial results for Q2, 2023. In details published on Monday August 14, the Bitcoin miner indicated its revenue fell $18.3 million (CAD 24.6 million) during the quarter ending June 30.

Hut 8 posted revenue of $14.3 million in Q2, 2023

The Toronto-based cryptocurrency mining company highlighted revenue of $14.3 million (CAD 19.2 million) during the quarter, compared to $32.5 million (CAD 43.8 million) posted in Q2, 2022. 

Meanwhile, the miner reported a loss of $12.4 million (CAD 16.7 million) for Q2, 2023 with per-share loss of 6 cents (8 Canadian cents).

Hut 8 also announced that it mined 399 Bitcoin (BTC) in the quarter, this being roughly 58% down on mined bitcoin for the same quarter in 2022. The company attributes the decrease to the increase in Bitcoin mining difficulty, impact of operations following issues at its North Bay Facility, as well as electrical issues encountered at the Drumheller facility.

“While we continued to face mining challenges during the second quarter at Drumheller, which are reflected in decreased revenue and fewer Bitcoin mined, we were successful in strategically managing our costs,” Shenif Visram, CFO at Hut 8, said in a press release.

Hut 8’s financial results showed that the company’s self-mined BTC balance as of June 30, 2023 – which it held in custody or had pledged as collateral – stood at 9,136 BTC. The holdings had a market value of $274 million (CAD 368.7 million). The miner sold a total of 396 BTC for $10.9 million (CAD 14.7 million) during the quarter.

The Bitcoin mining giant, which secured a $50 million credit facility from Coinbase in June, also reported on the progress of its highly anticipated merger with US Bitcoin (USBTC). A shareholder vote on the merger is expected on September 12, the company said in a separate announcement.