Share this article
Hut 8's Q2 Loss Widens to $69M, Continues to 'Hodl' Bitcoin
The lower price of bitcoin and higher power costs hurt the results.
Updated May 11, 2023, 5:35 p.m. Published Aug 11, 2022, 11:29 a.m.
Canadian bitcoin miner Hut 8 (HUT) posted a C$88.1 million ($69 million) loss for the second quarter, compared with a loss of C$4 million in the same quarter a year ago and a profit of C$55.7 million in the first quarter.
Th loss in the latest quarter was driven by the revaluation of its digital assets, but was "partially offset by higher revenue and the non-cash revaluation gain on warrants liability," Hut 8 said in its earnings statement on Thursday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Hut 8 withdrew its revenue estimate for next year that it had made in its first-quarter earnings report, as it reorganizes "certain low-margin product and service offerings" related to its high-performance computing (HPC) business.
In January, Hut 8 acquired five HPC data centers for C$30.2 million. Revenue from its HPC business rose 43% to C$4.7 million in the second quarter from the first quarter.
Hut 8's mining profit, however, fell by more than half to C$14.9 million from the first quarter because of higher power costs and the decline in the price of bitcoin, the company said. The miner's cost of mining each bitcoin rose 44% to C$25,900, which was about the same as it was in the second quarter of last year.
Hut 8's total revenue fell 22% to C$43.8 million from the first quarter, but that was up by about 33% from a year ago.
The miner mined 946 bitcoins in the quarter, almost unchanged from the 942 it mined in the first quarter.
Hut 8's bitcoin holdings rose 14.6% to 7,406 in the quarter, keeping up with its pace of growth in the previous three months.
The miner continued to hold on to its mined bitcoin, contrary to other mines that have started to sell in order to pay for operating expenses and meet obligations.
Hut 8's Nasdaq-listed shares were up about 5% at $2.87 during premarket trading. Other miners' stocks also rose, along with the price of bitcoin.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
