Hut 8 Corp. has reported its financial results for the second quarter of 2024, and the figures depict a significant shift in various metrics from the prior year period.
The company's revenue for the three months ended June 30, 2024, increased by a substantial 72% to $35.2 million from $20.5 million in the prior year period. This growth was primarily driven by a $14.7 million increase in revenue.
However, despite the increase in revenue, the net loss attributable to Hut 8 was reported at $71.9 million, a stark contrast from a loss of $1.7 million for the three months ended June 30, 2023. This significant change is attributed to losses on digital assets fair value adjustment of $71.8 million.
The company's adjusted EBITDA also saw a notable change, standing at ($57.5) million for the three months ended June 30, 2024, compared to $14.8 million for the same period in 2023.
In terms of bitcoin mining, the number of bitcoins mined during the three months ended June 30, 2024, was 279, a decrease from the 740 bitcoins mined in the prior year period. However, Hut 8 reported holding 9,102 self-mined bitcoins on its balance sheet as of June 30, 2024, with a market value of approximately $570.5 million.
The cost to mine a bitcoin also witnessed a significant change, with the weighted average cost to mine a bitcoin reported at $26,232 during the three months ended June 30, 2024, compared to $14,907 for the same period in 2023.
Additionally, the energy cost per megawatt-hour (MWh) decreased to $31.71 during the three months ended June 30, 2024, from $37.34 during the same period in 2023, showcasing a notable improvement in energy cost efficiency.
Hut 8's total energy capacity under management as of June 30, 2024, was reported at 1,075 megawatts across various sites, indicating an increase from the 730 megawatts reported for the same period in 2023.
Today the company's shares have moved -4.8% to a price of $11.39. Check out the company's full 8-K submission here.
