Express
Canadian Bitcoin Miner Records 50% Revenue Drop Following Bitcoin Halving
Summary: Canada-based Bitcoin miner Hut 8 reported a 28% drop in revenue in the second quarter of 2020, according to its most recent earnings filing. In the first quarter of 2020 Hut 8 mined 1,116 BTC, but only 795 BTC in the second quarter. As a result, the publicly traded company's revenue dropped by 29% to ...
Canada-based Bitcoin miner Hut 8 reported a 28% drop in revenue in the second quarter of 2020, according to its most recent earnings filing.
In the first quarter of 2020 Hut 8 mined 1,116 BTC, but only 795 BTC in the second quarter. As a result, the publicly traded company's revenue dropped by 29% to C$9.2 million.
The earnings report argued that revenue for all Bitcoin miners, including Hut 8, dropped roughly 50% following the halving in May. Report authors state that the block reward decreased by half, but the difficulty quickly recovered to pre-halving levels causing the revenue drop.
Hut 8 currently holds 2,945 BTC, which allowed them to secure net income despite the revenue drop. The company also earned C$8.3 million during its public offering which occurred near the end of the quarter.
By Emily Mason
Tags: Bitcoin,Bitcoin Mining,BTC
Link: Canadian Bitcoin Miner Records 50% Revenue Drop Following Bitcoin Halving [Copy]
