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Miner Hut 8 Reports Q2 Revenue Plunged 67% to $6.9 Million Due to Bitcoin Halving

Canadian miner Hut 8 Mining Corp has reported that second quarter revenue tumbled 67% to $6.9 million from $21.2 million a year ago, as Bitcoin’s supply cut in May forced production to decline. The Toronto Stock Exchange-listed company extracted just 795 bitcoin (BTC) in the April to June quarter, compared to 1,165 BTC in the preceding three-month period. However, Hut 8 posted a net profit of $2.1 million thanks to the revaluation of its bitcoin holdings, which generated $7.6 million. Still, Q2 net earnings show a decline of 91% from the $22.7 million reported a year earlier. The firm said…

Continue Reading Miner Hut 8 Reports Q2 Revenue Plunged 67% to $6.9 Million Due to Bitcoin Halving

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