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Hut 8 Corp. , a leading North American Bitcoin miner, announced its financial results for the second quarter ending June 30, 2024.to $35.2 million, up from $20.5 million in the same period last year. This growth was fueled by the company’s continued expansion in its energy and Bitcoin mining operations.
However, the company’s financial performance was impacted by a $71.8 million loss resulting from the fair value adjustment of its digital assets, driven by new Financial Accounting Standards Board rules and a decline in Bitcoin prices. During the quarter, the company mined 279 Bitcoin, down from 740 in the same period last year. The weighted average cost to mine a BTC rose to $26,232, compared to $14,907 in Q2 2023.the positive aspects of the company’s ongoing restructuring efforts. “Our results this quarter reflect the ambitious restructuring program we set in motion six months ago,” Genoot said.
“With our strengthened operating foundation and recent advancements in ASIC efficiencies, we believe that now is the right time to upgrade our fleet,” said Asher Genoot.
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