On November 13, 2024, Hut 8 Corp., a leading North American Bitcoin miner and energy infrastructure operator, reported its financial results for the third quarter ending September 30, 2024. The company announced a revenue of $43.7 million, a net income of $0.9 million, and an Adjusted EBITDA of $5.6 million. Significant reductions in energy costs and strategic partnerships, including a colocation agreement with BITMAIN, were highlighted as key drivers of growth. Hut 8's CEO, Asher Genoot, emphasized the company's strategic initiatives in AI and Bitcoin mining, which are expected to generate substantial new annualized revenue and reduce interest expenses. The company also reported a 33% decrease in energy cost per MWh and mined 234 Bitcoin at an average revenue of $61,025 per Bitcoin, compared to a cost of $31,482 to mine...Show More

On November 13, 2024, Hut 8 Corp., a leading North American Bitcoin miner and energy infrastructure operator, reported its financial results for the third quarter ending September 30, 2024. The company announced a revenue of $43.7 million, a net income of $0.9 million, and an Adjusted EBITDA of $5.6 million. Significant reductions in energy costs and strategic partnerships, including a colocation agreement with BITMAIN, were highlighted as key drivers of growth. Hut 8's CEO, Asher Genoot, emphasized the company's strategic initiatives in AI and Bitcoin mining, which are expected to generate substantial new annualized revenue and reduce interest expenses. The company also reported a 33% decrease in energy cost per MWh and mined 234 Bitcoin at an average revenue of $61,025 per Bitcoin, compared to a cost of $31,482 to mine each Bitcoin. Hut 8 holds 9,106 Bitcoin in reserve, valued at approximately $576.5 million, and has $72.9 million in cash as of September 30, 2024. The company's partnership with BITMAIN is set to develop and launch a next-generation ASIC miner, which is projected to significantly increase Hut 8's self-mining hashrate and improve fleet efficiency by the first quarter of 2025. The company's GPU-as-a-Service business also launched, marking its expansion into high-performance computing services.