On August 13, 2024, Hut 8 Corp., a leading North American Bitcoin miner and energy infrastructure operator, announced its financial results for the second quarter of 2024. The company reported a revenue increase to $35.2 million, up from $20.5 million in the same period the previous year. Despite the network halving, Hut 8 achieved a gross margin increase in its Digital Assets Mining segment and reduced energy costs through restructuring and optimization initiatives. The company also announced a $150 million strategic investment from Coatue to build AI infrastructure. Hut 8's total energy capacity under management reached 1,075 megawatts across eighteen sites. However, the company experienced a net loss of $71.9 million, attributed to a fair value adjustment loss on digital assets of $71.8 million. The loss was a result of the...Show More

On August 13, 2024, Hut 8 Corp., a leading North American Bitcoin miner and energy infrastructure operator, announced its financial results for the second quarter of 2024. The company reported a revenue increase to $35.2 million, up from $20.5 million in the same period the previous year. Despite the network halving, Hut 8 achieved a gross margin increase in its Digital Assets Mining segment and reduced energy costs through restructuring and optimization initiatives. The company also announced a $150 million strategic investment from Coatue to build AI infrastructure. Hut 8's total energy capacity under management reached 1,075 megawatts across eighteen sites. However, the company experienced a net loss of $71.9 million, attributed to a fair value adjustment loss on digital assets of $71.8 million. The loss was a result of the decrease in Bitcoin price during the quarter. Adjusted EBITDA was negative $57.5 million, compared to a positive $14.8 million in the prior year. Hut 8 mined 279 Bitcoin in the quarter, down from 740 in the same period last year, and held 9,102 Bitcoin valued at approximately $570.5 million as of June 30, 2024. The company is on track to commercialize its GPU-as-a-service vertical in Q3 and is in discussions for a large-scale commercial partnership for a new site in the Texas Panhandle.