The Q3 operational and financial report of bitcoin mining startup Hut 8 shows a drop in revenue to $17 million, with $4.5 million coming from its high-performance computing segment. Hut 8 also mined 330 Bitcoins in the quarter, which is a 66% reduction from the previous year. The business ascribes this decline to both the temporary shutdown of its North Bay facility and an increase in the average Bitcoin network difficulty, which leads to fewer Bitcoins being mined.
9,366 Bitcoins that Hut 8 had self-mined and committed as collateral as of September 30, 2023, had a market value of $341.4 million. During the third quarter, the corporation made $3.9 million in revenue by selling 100 Bitcoins. In the third quarter, the team concentrated on finalising the merger with USBTC.