According to Odaily, Bitcoin mining company Hut 8 has released its financial results for the three and six months ending June 30, 2024. The report highlights several key metrics and changes compared to the previous year.
For the second quarter ending June 30, 2023, Hut 8's revenue increased by $14.7 million, rising from $20.5 million to $35.2 million. This significant growth reflects the company's enhanced operational efficiency and market conditions.
As of June 30, 2024, Hut 8's self-mined Bitcoin balance stood at 9,102 BTC, with a market value of approximately $570.5 million. This accumulation underscores the company's robust mining capabilities and strategic holding of Bitcoin assets.
During the three months ending June 30, 2024, the weighted average cost of mining Bitcoin was $26,232. This represents a notable increase from the weighted average cost of $14,907 for the same period in 2023. The rise in costs may be attributed to various factors, including increased energy prices and operational expenses.
