Hut 8 Mining Revenue Drops 43% in Q3 Despite Hash Power Increase
Hut 8 Mining Revenue Drops 43% in Q3 Despite Hash Power Increase
Toronto-based Hut 8 reported C$5.3 million (US$4 million) in Q3 mining revenue Thursday, down 43% from the previous quarter, but the bitcoin mining firm reaffirmed its plans to expand its hash power as the price of the cryptocurrency continues to rise.
- Hut 8’s Q3 revenue represents an 80% decrease from the same period last year.
- The bitcoin mining company moved closer to profitability, however, reporting a Q3 loss of C$900,338, or C$0.01 a share, narrower than the year-ago loss of C$5.19 million, or C$0.07 a share.
- Despite the revenue decrease, Hut 8 continues to expand its mining operations as the price of bitcoin continues to soar. The firm deployed 2,000 ASIC miners halfway through the quarter, resulting in a reported hash power increase of 154 PH/s.
- The price of bitcoin appreciated 18% during Q3, up a total of 130% in 2020.
- Hut 8 currently controls over 1,100 peta hash per second (PH/s) of hash power, according to CoinDesk estimates based on previously reported hash power.
- Shares of Hut 8 dipped over 6% following the earnings release, trading hands at $1.18 at last check, down from their daily open of $1.25.
