In the second quarter, the Canadian mining company Hut 8 posted a loss of $69.2 million, versus $55.7 million in net profit in January–March.
Q2 2022 Highlights
💰Revenue $43.8 million
✅946 BTC mined
🔋HPC operations generated $4.7 million
⚡7,199 new MicroBT miners added across all sites
💪Adjusted EBITDA $6.8 millionRead More 👉 https://t.co/1ILsrMlV3A#BTC #HODL
— Hut 8 Mining (@Hut8Mining) August 11, 2022
The decline in the metric was attributed primarily to a ‘paper’ loss from the revaluation of Bitcoin reserves.
During the quarter, the company mined 946 BTC. Mining profits amounted to $11.7 million, vs $15.16 million for the same period in 2021.
Year-on-year, the volume of Bitcoins generated rose 71%, but this could not offset the drop in the asset’s price and higher electricity costs, Hut 8 said. The cost of producing 1 BTC during the quarter averaged $20,340, compared with $19,400 in April–June 2021.
The company deployed 7,199 new Whatsminer M30S, M30S+ and M31S+ miners from MicroBT at three Canadian sites: Drumheller and Medicine Hat (Alberta), and North Bay (Ontario). The last site, opened during the reporting period, roughly 5,800 devices were installed.
As of June 30, Hut 8’s hashrate reached 2.78 EH/s. Over the quarter, the metric rose by 9%.
As of quarter-end, the company accumulated 7,736 BTC. Hut 8, alongside Marathon Digital Holdings, remained committed to a strategy of accumulating reserves in cryptocurrency.
Most public mining companies in June began to liquidate bitcoin reserves, liquidating 14,600 BTC. In July the trend continued: miners sold 5,767.9 BTC as total mined reached 3,478 BTC.
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