Hut 8 Report Q3 Revenue Just $31.7 Million, Lower Than Estimated

Hut 8, a Bitcoin miner, underperformed third-quarter forecasts with net losses of $23.7 million as opposed to the anticipated $19.4 million.

Revenue of $31.7 million as opposed to the average expert forecast of $36.3 million. Due to an increase in hashrate brought on by extending the company fleet of miners and mining operations, the company mined 982 Bitcoin in Q3 2022, an 8.5% increase over Q3 2021.

As a result of the installation of these miners, Hut 8’s working capacity increased to 3.07 EH/s as of September 30, 2022, a 10% hashrate increase from June 30, 2022. It comes as miners battle declining Bitcoin prices, high energy costs, and rising mining complexity.

Hut 8 CEO Jaime Leverton stated:

 “With the largest self-mined unencumbered Bitcoin stack of any publicly traded company, we continue to mine at modest costs despite fluctuating power prices, increasing network difficulty, and sustained pressure on the price of Bitcoin.”

Some Bitcoin miners are also struggling in the industry such as Compute North, Core Scientific.

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