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Cryptocurrency miner Hut 8 Corp has published a report on its results over the past six months.
According to the company’s <a href="https://www.globenewswire.com/news-release/2024/03/28/2853802/0/en/Hut-8-Reports-Operating-and-Financial-Results-for-the-Six-Months-Ended-December-31-2023.html" target="_blank" rel="noopener noreferrer nofollow">press release</a>, Hut 8 increased revenue to $60.6 million for the six months ending Dec. 31, 2023. Financial reporting highlights for <a href="https://crypto.news/tag/Hut-8/" target="_blank" rel="noopener noreferrer nofollow">Hut 8</a> include a 32% increase in revenue and a significant increase in net income to $6.2 million, compared to the previous net loss.
The Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) mining cost was $18,815, and the company mined 1,244 Bitcoins during this period. Hut 8’s energy cost per MWh was $44.52, reflecting its efficiency in managing energy costs.
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 “With this in mind, we will continue to focus on driving topline revenue growth and cost reduction across the business.” <cite>Hut 8 report</cite>
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<h2 class="wp-block-heading" id="bitcoin-anchors-hut-8-holdings">Bitcoin anchors Hut 8 holdings</h2>
The strength of the company’s balance sheet is evident in its <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> holdings, with 9,195 Bitcoins valued at approximately $388.1 million as of Dec. 31, 2023. This asset base provides Hut 8 with significant market value and potential for future earnings.
Bitcoin has seen steady growth since the start of the year after spot Bitcoin <a href="https://crypto.news/tag/etf/" target="_blank" rel="noopener noreferrer nofollow">ETFs</a> in the U.S. attracted institutional and retail investors to Bitcoin. Since the beginning of the year, the world’s first and still the leading cryptocurrency has risen in price by 60%, and in early March, BTC <a href="https://crypto.news/bitcoin-reaches-a-new-ath-accumulation-increases/" target="_blank" rel="noopener noreferrer nofollow">updated</a> its all-time high, going above $70,000.
In addition, Bitcoin’s market capitalization has jumped above $1.4 trillion, making the most valuable cryptocurrency the eighth-largest asset in the world, overtaking silver.
You might also like: <a href="https://crypto.news/bitcoin-mining-difficulty-drops-halving-2024/" rel="noopener noreferrer nofollow"> Bitcoin mining difficulty drops following historical maximum </a>

Hut 8 reports 32% revenue increase amid Bitcoin rally

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