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Hut 8 | 8-K: Hut 8 Reports First Quarter 2024 Results

SEC announcement ·  May 15 18:55
Summary by Futu AI
On May 15, 2024, Hut 8 Corp., a leading North American Bitcoin miner and energy infrastructure operator, reported its financial results for the first quarter of 2024. The company announced significant revenue growth to $51.7 million, a substantial increase in net income to $250.9 million, and a rise in Adjusted EBITDA to $297.0 million. These results reflect the combined performance of Hut 8 and USBTC following their merger on November 30, 2023, with USBTC being the accounting acquirer. Hut 8's CEO, Asher Genoot, highlighted the company's strategic restructuring, including the shutdown of an underperforming site, relocation of mining operations, and implementation of proprietary energy software. The company also signed a four-year agreement with Ionic Digital for managed services and expects to generate revenue from its new AI vertical...Show More
On May 15, 2024, Hut 8 Corp., a leading North American Bitcoin miner and energy infrastructure operator, reported its financial results for the first quarter of 2024. The company announced significant revenue growth to $51.7 million, a substantial increase in net income to $250.9 million, and a rise in Adjusted EBITDA to $297.0 million. These results reflect the combined performance of Hut 8 and USBTC following their merger on November 30, 2023, with USBTC being the accounting acquirer. Hut 8's CEO, Asher Genoot, highlighted the company's strategic restructuring, including the shutdown of an underperforming site, relocation of mining operations, and implementation of proprietary energy software. The company also signed a four-year agreement with Ionic Digital for managed services and expects to generate revenue from its new AI vertical in the second half of the year. Hut 8's operational highlights include managing 884 MW of energy capacity, owning approximately 54,500 miners, and holding 9,102 self-mined Bitcoin valued at approximately $648.9 million. The company's cost to mine a Bitcoin increased compared to the previous year, reflecting changes in the mining landscape. Hut 8 remains focused on scaling its Bitcoin mining business and leveraging its energy infrastructure for long-term shareholder returns.

This announcement is a separate document:

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