According to CryptoPotato, Hut 8 Corp. (HUT), a prominent North American Bitcoin miner, has announced its financial results for the second quarter ending June 30, 2024. Despite a 72% year-over-year revenue increase to $35.2 million, the company reported a net loss of $71.9 million. This revenue growth was driven by the company's ongoing expansion in energy and Bitcoin mining operations. Hut 8 managed a total energy capacity of 1,075 megawatts (MW) across 18 sites, with 762 MW dedicated to Bitcoin mining in North America.
The company owned approximately 49,400 miners, capable of producing 4.8 exahash per second (EH/s). However, the financial performance was adversely affected by a $71.8 million loss due to the fair value adjustment of its digital assets, influenced by new Financial Accounting Standards Board rules and a decline in Bitcoin prices. Additionally, Hut 8’s adjusted EBITDA for the quarter was negative $57.5 million, a significant drop from the $14.8 million positive EBITDA reported in Q2 2023.
Hut 8 Corp mined 279 Bitcoin during the quarter, down from 740 in the same period last year. The weighted average cost to mine a BTC increased to $26,232, compared to $14,907 in Q2 2023. Despite these challenges, CEO Asher Genoot emphasized the positive aspects of the company’s ongoing restructuring efforts. He noted the success in reducing energy costs, with the energy cost per megawatt-hour decreasing to $31.71, compared to $37.34 a year earlier. Looking ahead, Hut 8 is preparing to upgrade its mining fleet and commercialize its GPU-as-a-service vertical in the third quarter of 2024. Genoot highlighted the company's strengthened operating foundation and recent advancements in ASIC efficiencies as reasons for the timing of the fleet upgrade. The company also plans to build a new site in the Texas Panhandle with 205 MW of low-cost, long-term power that could support up to 16.5 EH/s of next-generation ASICs. Scaling the power footprint remains central to Hut 8’s strategy. Additionally, Hut 8’s $150 million partnership with Coatue is expected to accelerate the commercialization of its energy infrastructure platform, positioning the company to capitalize on large-scale infrastructure development.