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• Hut 8 posted revenue of $14.3 million (19.2 Canadian Dollars) in Q2, 2023, down from $32.5 million in Q2, 2022.
• The company mined 399 Bitcoin (BTC) and sold a total of 396 BTC for $10.9 million during the quarter.
• Hut 8 reported a loss of $12.4 million with per-share loss of 6 cents for Q2, 2023.

Hut 8 Revenue Declined by $18.3 Million

Bitcoin miner Hut 8 posted revenue of $14.3 million (19.2 Canadian Dollars), which had fallen $18.3 million during the quarter compared to Q1, 2023. The Toronto-based cryptocurrency mining company highlighted revenue of $14.3 million (CAD 19.2 million) during the quarter, compared to $32.5 million (CAD 43.8 million) posted in Q2, 2022.

Mining Challenges Affected Revenue and Bitcoin Mined

The company attributes the decrease to the increase in Bitcoin mining difficulty, impact of operations following issues at its North Bay Facility, as well as electrical issues encountered at the Drumheller facility . Meanwhile, Hut 8 also reported a loss of $12.4 million (CAD 16