Hut 8 Reports 64% Year-Over-Year Revenue Decline to C$19 Million in Q1, 475 Bitcoins Mined

Bitcoin miner Hut 8 Mining reported first quarter 2023 results, with revenues down 64% year-over-year to C$19 million (approximately $14.16 million), as the company was forced to shut down some of its machine providers due to an energy dispute. hut 8 mined 475 bitcoins during the quarter The decrease of approximately 50% year-over-year was primarily due to fewer bitcoins mined as a result of the increased difficulty of the average bitcoin network, as well as ongoing issues at the Drumheller facility of the power supply company beginning in the fourth quarter of 2022. 

As of March 31, 2023, Hut 8 had a total balance of 9,133 self-mined, unencumbered and escrowed bitcoins with a market capitalization of $352 million, and during the first quarter, 475 bitcoins were mined and 428 bitcoins were sold, for which the Company earned $14.5 million.