The
publicly-listed crypto mining company Hut 8 Mining Corp. (TSX: HUT) has
reported a revenue decline for the third quarter of 2023. This resulted in
nearly doubling the net loss from Q3 2022 and a stock price fall of over 11% on
the Canadian stock exchange. The company attributes the weaker performance to
operational issues and the increasing difficulty of mining Bitcoins (BTC).
Hut 8
Mining Corp. reported a 46% decrease in quarterly revenue, totaling CAD 17.0
million, which includes CAD 4.5 million from its high-performance computing
business. The company holds 9,366 self-mined Bitcoin , either in custody or
pledged as collateral, as of 30 September.
The
company’s financial overview reveals a net loss of CAD 53.6 million for the
quarter, with mining profit sitting at CAD 3.8 million, a decrease from the
previous year’s and quarter’s figures.
During this
period, the firm faced operational challenges that significantly reduced
Bitcoin mining output, primarily due to increased network difficulties,
operational suspensions, and electrical issues at one of its facilities.
“Throughout
the third quarter, we weathered continued pressure on our mining business,”
Shenif Visram, the CFO of Hut 8, commented. “We have continued to focus on
prudently managing our costs, which partially offset our mining results, while
actively seeking ways to grow the business.”
Hut 8’s
report further…
