@BOMBERuss 11 August 2022 more from that month

Bitcoin miner Hut 8 in the second quarter recorded a net loss of 88.1 million Canadian dollars (approximately $69 million) with a decrease in revenue by 17.8%, to 43.9 Canadian dollars ($34.3 million). The report says that the financial results were affected by a decrease in the price of #bitcoin and an increase in the average cost of electricity. The company said that they expected market volatility during 2022, so they took measures to successfully cope with the current downturn. Hut 8 has increased hashing speed by 9.5% and increased capacity at its three sites in Canada. In the second quarter, the company produced 946 bitcoins and increased its reserves by 14.6%, to 7.4 thousand #BTC. #CryptoCurrency #Mining #Hut8 #hashrate