Bitcoin miners Hut 8 Mining announced a loss of approximately $69 million for the second quarter of this year.
According to the statement made by Hut 8 Mining, the company experienced a revenue loss of 17.8% in the second quarter, generating $34.3 million in revenue.
The company both recorded this performance in the second quarter. drop in bitcoin price as well as mining the increased costs tied up.
Despite this performance in the second quarter, Hut 8 Mining managed to protect the bitcoins in its reserve. The company produced 946 new bitcoins during the quarter, accounting for the total amount of bitcoins in its reserve. increased to 7 thousand 406. Thus, the company’s bitcoin reserves grew by 14.6% it happened.
Jaime Leverton, CEO of Hut 8 Mining, “For us, Selling bitcoin at low price doesn’t make much sense.” said.
Hut 8 Mining also increased its hash rate on the bitcoin network in the second quarter. Increase by 9.5% to 2.78 EH/s took it out.