The losses of Canada-based Bitcoin (BTC) miner Hut 8 increased more than 2 times for some reasons.
Hut 8 presented its third quarter 2023 earnings report. According to the report, Bitcoin mining increased network difficulty and as a result of the suspension of several activities due to some problems, the company in the 3rd quarter Its net loss more than doubled. The mining company’s income is also 46% decrease year over year lived.
In the statement made by the company, damage 17.7 from million dollars for $39 million As sales increase From $31.7 million to $12 million declined. Despite the rise in Bitcoin price and other miners announcing more income Income experienced at Hut 8 The decline attracted attention.
Hut 8 stated in the income statement that the hash rate is only is 27% he emphasized.
mining company, in Ontario, Canada Suspending its activities after a dispute with the energy provider located in the Ethereum no longer has physical mining because it can’t be done misuse things It was stated that he was dragged.
HUT 8’s shares are traded on the US Nasdaq Stock Exchange. 8.4% with decline for $1.86 declined.