Hut 8 Q2 2023 Report: $19.1 Million Revenue with 9,136 Self-Mined Bitcoin in Custody
On August 14, 2023, Hut 8 Mining Corp, one of North America's major pioneers in the mining of digital assets, released its financial results for the second quarter of 2023. The report offers a thorough look at the business' performance, including both successes and problems encountered throughout the quarter.
Financial Highlights
Quarterly Revenue: Hut 8 reported a revenue of CAD $19.1 million for Q2 2023, including CAD $4.2 million from its high-performance computing (HPC) business. This marks a decrease of CAD $24.6 million compared to the CAD $43.8 million revenue in Q2 2022.
Bitcoin Mining: The company mined 399 Bitcoin during the quarter, a 58% decrease compared to the same period in 2022. This decrease was attributed to increased Bitcoin network difficulty, suspension of operations at the North Bay Facility, and ongoing electrical issues at the Drumheller facility.
Bitcoin Holdings: As of June 30, 2023, Hut 8 possessed 9,136 Bitcoins that they mined themselves, either held in custody or used as collateral, valued at CAD $368.7 million.
Financial Downturn: For Q2 2023, Hut 8 reported a net deficit of CAD $16.7 million, translating to a loss of CAD $0.08 per share. This is in contrast to the previous year's Q2 loss of CAD $88.1 million or CAD $0.49 per share.
Profit from Mining: The company's mining-related earnings for the quarter stood at CAD $3.2 million, a decline from CAD $14.9 million in the same quarter of 2022.
EBITDA Adjustments: The EBITDA, after adjustments, showed a negative CAD $2.7 million. This is an improvement from the negative CAD $98.1 million recorded in the second quarter of the previous year.
Strategic Developments
Merger with USBTC: Hut 8 continued to progress towards closing its
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