Hut 8 Corp. reported Q2 2024 revenue of $35.2 million, a 72% increase from $20.5 million in Q2 2023. The company held 9,102 self-mined Bitcoin valued at $570.5 million as of quarter end. Digital Assets Mining revenue was $13.9 million with improved gross margins of 46%, up from 34% year-over-year, while energy costs decreased 21% QoQ to $0.032 per kilowatt-hour.The company recorded a net loss of $71.9 million, primarily due to a $71.8 million loss from Bitcoin fair value adjustments as prices declined from $71,289 to $62,668 during the quarter. Mining efficiency metrics showed a weighted average cost of $26,232 per Bitcoin mined, with 279 Bitcoin produced in Q2. The company's total energy capacity under management reached 1,075 MW across eighteen sites.Hut 8 secured a strategic $150 million investment from Coatue and announced a new 205 MW site in Texas Panhandle. The company is advancing its infrastructure development pipeline while focusing on fleet upgrades and GPU-as-a-service commercialization planned for Q3. Management emphasized their strategy of scaling power footprint and building next-generation energy infrastructure spanning power, data centers, and compute operations.

Hut 8 Corp. reported Q2 2024 revenue of $35.2 million, a 72% increase from $20.5 million in Q2 2023. The company held 9,102 self-mined Bitcoin valued at $570.5 million as of quarter end. Digital Assets Mining revenue was $13.9 million with improved gross margins of 46%, up from 34% year-over-year, while energy costs decreased 21% QoQ to $0.032 per kilowatt-hour.The company recorded a net loss of $71.9 million, primarily due to a $71.8 million loss from Bitcoin fair value adjustments as prices declined from $71,289 to $62,668 during the quarter. Mining efficiency metrics showed a weighted average cost of $26,232 per Bitcoin mined, with 279 Bitcoin produced in Q2. The company's total energy capacity under management reached 1,075 MW across eighteen sites.Hut 8 secured a strategic $150 million investment from Coatue and announced a new 205 MW site in Texas Panhandle. The company is advancing its infrastructure development pipeline while focusing on fleet upgrades and GPU-as-a-service commercialization planned for Q3. Management emphasized their strategy of scaling power footprint and building next-generation energy infrastructure spanning power, data centers, and compute operations.