Business
Hut 8 Reports Operating and Financial Results for Q2 2023
Quarterly revenue of $19.1 million including $4.2 million from the high performance computing business 9,136 self-mined Bitcoin held in custody or pledged as
About this update from Hut 8 Corp.
[{"type":"text","content":"Quarterly revenue of $19.1 million including $4.2 million from the high performance computing business\n9,136 self-mined Bitcoin held in custody or pledged as collateral on June 30\nTORONTO, Aug. 14, 2023 /PRNewswire/ - Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (\"Hut 8\" or the \"Company\"), one of North America's largest, innovation-focused digital asset mining pioneers, and high performance computing infrastructure provider, announced its financial results for the quarter ended June 30, 2023 (\"Q2 2023\"). All dollar figures are in Canadian Dollars (\"CAD\"), unless otherwise stated.\n\n \n \n \n \n \n \n\n \n\"We continued to build momentum toward closing our transaction with USBTC by progressing toward receiving regulatory approvals to proceed and improving our projected post-merger self-mining capacity to 7.5 EH/s,\" said Jaime Leverton, CEO of Hut 8. \"That said, we are not here to simply chase exahash: we have been unique in our approach to growing our business primarily through inorganic means, and have done so with an infrastructure-first mindset. We believe that there is value to be captured beyond proprietary mining, which is why we acquired the HPC business. We are confident that this merger positively positions us on a path to growth by expanding into more stable energy markets and increasing our exposure to capex-light, scalable, fiat-based revenue streams like hosting and managed infrastructure operations, which includes purpose-built site management software, while improving our self-mining capabilities.\"\n\"While we continued to face mining challenges during the second quarter at Drumheller, which are reflected in decreased revenue and fewer Bitcoin mined, we were successful in strategically managing our costs,\" said Shenif Visram, CFO of Hut 8. \"In our high performance computing business, we signed a significant five-year contract during the period, and will begin to realize that revenue later this year. In the meantime, we have more than 1 MW of data centre capacity and existing infrastructure readily available to meet customers' AI and other high performance computing demands.\"\nQ2 2023 HIGHLIGHTSRevenue decreased by $24.6 million to $19.2 million during the quarter ended June 30, 2023 compared to $43.8 million during the quarter ended June 30, 2022 (\"Q2 2022\").The Company mined 399 Bitcoin in the qu...