BTC Digital Ltd. reported Q2 2024 financial results, with revenue decreasing 63.5% year-over-year to $2.3 million. The decline was primarily due to lower bitcoin mining and mining machine resale revenue. Gross loss widened to $214,000 from a $233,000 profit last year, while net loss expanded to $704,000 from $135,000.Bitcoin mining revenue fell to $267,000 from $892,000 as the company rented out more machines and faced impacts from the bitcoin halving. Mining machine resale revenue dropped to $1.7 million from $5.5 million due to reduced demand following the halving event. However, miner rental revenue grew to $355,000 from zero last year.General and administrative expenses rose 34.7% to $353,000 on higher headcount and office costs. The company ended the quarter with $287,000 in cash. Management cited ongoing investments in R&D and its joint venture as key to long-term growth amid a challenging near-term environment for the bitcoin mining industry.

BTC Digital Ltd. reported Q2 2024 financial results, with revenue decreasing 63.5% year-over-year to $2.3 million. The decline was primarily due to lower bitcoin mining and mining machine resale revenue. Gross loss widened to $214,000 from a $233,000 profit last year, while net loss expanded to $704,000 from $135,000.Bitcoin mining revenue fell to $267,000 from $892,000 as the company rented out more machines and faced impacts from the bitcoin halving. Mining machine resale revenue dropped to $1.7 million from $5.5 million due to reduced demand following the halving event. However, miner rental revenue grew to $355,000 from zero last year.General and administrative expenses rose 34.7% to $353,000 on higher headcount and office costs. The company ended the quarter with $287,000 in cash. Management cited ongoing investments in R&D and its joint venture as key to long-term growth amid a challenging near-term environment for the bitcoin mining industry.