Crypto Updates

Hut 8 Loss Deepens Despiite Higher Mining Rate

CleanSpark Acquires Bitcoin Mining Machines to Expand Its Capacity

Hut 8 Mining Corp. (NASDAQ:HUT), a digital asset mining company from North America, reported its quarterly numbers on Thursday. During the three-month period that ended on 30 September 2022, one of the largest mining firms achieved revenue of CAD 31.7 million and mined 982 bitcoins (BTC).

Althgouh Hut 8 was able to mine more digital assets than in the same period last year, the revenue decreased by CAD 18.6 million compared to CAD 50.3 million for Q3 2021. The company reported a net loss of CAD 23.78 million, declining from a neto profit of CAD 23.37 million a year ago.

Looking at results for the nine months closed on 30 September 2022, Hut 8 mined 2,870 BTC, which is 997 more than a year earlier. Although revenues for the period turned out to be higher, at CAD 128.85 million, the company has lost a net CAD 56.15 million year-to-date, compared to a CAD 38.47 million profit reported a year ago.

“Our conservative approach to managing our balance sheet continues to be paramount for us at Hut 8. Notably, we improved our mining capacity by 10% while reducing the average cost to mine each Bitcoin

Click Here to Read the Full Original Article at CryptoCurrency – Finance Magnates | Financial and business news…