According to Foresight News, North American Bitcoin miner Hut 8 has released its Q1 2024 earnings. As of March 31, 2024, the energy capacity managed by Hut 8's mining operations totaled 884 megawatts, spread across six locations in North America. The company operates approximately 54,500 mining machines, with a total hash rate of about 5.5 exahash per second (EH/s).
Hut 8's Q1 revenue increased from $15.6 million to $51.7 million, a rise of $36.1 million. The net profit of Hut 8 also saw a significant increase, reaching $250.9 million, up by $233.5 million. The adjusted EBITDA rose from $11.1 million to $297 million, an increase of $285.8 million.
In the first quarter, Hut 8 mined 716 Bitcoins. As of March 31, 2024, the total balance of self-mined Bitcoins was 9102, with a market value of approximately $648.9 million.