Club 8 reports a loss of $69 million for the second quarter
- August 11, 2022
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According to the results for the second quarter, Canadian mining company Hut 8 posted a loss of $69.2 million against a net profit of $55.7 million in the
According to the results for the second quarter, Canadian mining company Hut 8 posted a loss of $69.2 million against a net profit of $55.7 million in the January-March period.
Q2 2022 Highlights
💰Revenue $43.8 million
✅946 BTC mined
🔋HPC operations earned $4.7 million
Added ⚡7,199 new MicroBT miner to all sites
💪Adjusted EBITDA of $6.8MRead More 👉 https://t.co/1ILsrMlV3A#BTC #HODL
— Hut 8 Mining (@Hut8Mining) 11 August 2022
The negative change in the indicator at the company was explained mainly by a “paper” loss due to the reassessment of bitcoin reserves.
During the quarter, the company mined 946 BTC. Mining revenue was $11.7 million compared to $15.16 million in the same period in 2021.
Hut 8 noted that the 71% year-on-year increase in the volume of bitcoin produced could not compensate for the decline in the price of the asset and the increase in electricity costs. The average cost of mining 1 BTC during the quarter was $20,340 versus $19,400 in April-June 2021.
The company has deployed 7,199 new Whatsminer M30S, M30S+ and M31S+ miners from MicroBT at three Canadian sites: Drameller and Medicine Hat (Alberta) and North Bay (Ontario). The last site launched during the reporting period consisted of approximately 5,800 installed devices.
As of June 30, Hut 8 hash rate reached 2.78 EH/s. In three months, the indicator grew by 9%.
Recall that at the end of the quarter, the company had accumulated 7736 BTC. Hut 8, along with Marathon Digital Holdings, has adhered to its strategy of accumulating reserves in cryptocurrency.
In June, most public mining companies started selling their bitcoin holdings and liquidated 14,600 BTC. In July, the trend continued, with miners mining 5767.9 BTC for a total of 3478 BTC.
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I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
