2024

Bitcoin

Strong

Hut 8 Corp., a leading Bitcoin mining and energy infrastructure company, has reported significant revenue growth for Q2 2024, reflecting the impact of its ongoing restructuring and optimization efforts. The company’s revenue increased by 72% year-over-year, reaching $35.2 million for the quarter, compared to $20.5 million in the same period last year. This growth was driven by multiple revenue streams, including $13.9 million from digital asset mining, $9.0 million from managed services, $3.4 million from high-performance computing, and $8.9 million from other services such as hosting, according to <a href="https://hut8.com/2024/08/13/hut-8-reports-second-quarter-2024-results/">Hut8</a>. 
Despite this strong revenue performance, Hut 8 faced significant challenges, including a net loss of $71.9 million for the quarter, largely due to a $71.8 million loss on digital assets driven by a decline in Bitcoin prices. The company’s gross margins in its digital asset mining segment improved to 46%, up from 34% in the prior year period, thanks to energy optimization efforts that reduced the cost per kilowatt-hour from $0.040 in Q1 2024 to $0.032 in Q2 2024. 
Hut 8’s operational strategy also saw significant developments, including the energization of its Salt Creek facility and plans to commercialize its GPU-as-a-service vertical by Q3 2024. The company’s energy capacity under management reached 1,075 megawatts across 18 sites, with 762 megawatts dedicated to Bitcoin mining. As of June 30, 2024, Hut 8 held 9,102 Bitcoin on its balance sheet, valued at approximately $570.5 million. 
The company’s cost to mine a Bitcoin increased to $26,232 in Q2 2024, up from $14,907 in the same period last year, reflecting the growing complexity of mining operations. Despite these rising costs, Hut 8 continues to focus on scaling its operations, including a new site in the Texas Panhandle with 205 megawatts of available power. This site is expected to support next-generation ASICs and NVIDIA GPUs, positioning Hut 8 for future growth in the compute infrastructure sector. 
Hut 8's strategic partnership with Coatue, involving a $150 million investment, further enhances its ability to expand and commercialize its energy and infrastructure assets. The company remains committed to advancing its development pipeline and exploring large-scale infrastructure opportunities as it builds out its next-generation energy platform.

Hut 8 Sees Strong Q2 Revenue Amid Restructuring

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