Hut 8 Corp, a cryptocurrency miner, has released a report detailing its performance during the previous half-year.
In the six months that ended on December 31, 2023, Hut 8’s sales climbed to $60.6 million, according to the company’s news announcement. Highlights of Hut 8’s financial report include a notable 32% growth in revenue and a net income gain of $6.2 million from the prior net loss.
During this period, the company mined 1,244 Bitcoins (BTC) for a cost of $18,815. Hut 8’s energy cost per MWh was $44.52, demonstrating how well it controlled energy expenses. Report on Hut 8:
“With this in mind, we will continue to focus on driving topline revenue growth and cost reduction across the business.”
Bitcoin holdings show the health of the firm’s balance sheet; as of December 31, 2023, the company had 9,195 Bitcoins worth about $388.1 million. Hut 8 has a substantial market value and profit potential because of this asset base.
Since the beginning of the year, spot Bitcoin ETFs in the US have drawn institutional and ordinary investors to the cryptocurrency. As a result, Bitcoin has grown steadily.
The price of the world’s first and most popular cryptocurrency has increased by 60% since the year’s beginning. Early in March, BTC broke beyond $70,000 to reach an all-time high.
Furthermore, the market value of the most valuable cryptocurrency, Bitcoin, has surpassed $1.4 trillion, surpassing silver to become the eighth-largest asset in the world.
