TechFlow news — On August 13, Bitcoin mining company Hut 8 released its financial results for the period ended June 30, 2024. In the second quarter, the company's revenue increased from $20.5 million in 2023 to $35.2 million. As of June 30, 2024, Hut 8’s total self-mined Bitcoin balance reached 9,102 BTC, with a market value of approximately $570.5 million.
In the second quarter of 2024, Hut 8’s average cost to mine each Bitcoin was $26,232, compared to $14,907 during the same period in 2023. Energy costs decreased from $37.34 per megawatt-hour in the prior-year period to $31.71 per megawatt-hour. Despite challenges posed by the Bitcoin network halving, the company’s digital asset mining segment improved its gross margin from 34% last year to 46%.
