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What made Bitcoin mining major Hut 8 shares surge?

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What made Bitcoin mining major Hut 8 shares surge?

Hut 8 Corp (NASDAQ:HUT) shares surged about 20 percent on Thursday after the Bitcoin mining giant reported an uptick in revenue to $60.6 million for the six-month period ending December 31, 2023.

This was accompanied by a net income of $6.2 million, contrasting sharply with the prior year’s net loss. Adjusted EBITDA witnessed a substantial rise, reaching an impressive $62.3 million.

The reported revenue and net income serve as critical indicators of the company’s ability to generate profits and adeptly manage operations, especially within the volatile cryptocurrency mining domain.

Hut 8 Corp earnings

Key financial metrics from Hut 8’s reports include a 32% revenue uptick and a substantial turnaround to a $6.2 million net income from the prior net loss.

The cost to mine a Bitcoin stood at $18,815, with the company successfully mining 1,244 Bitcoin during the period.

Moreover, Hut 8’s energy cost per MWh registered at $44.52, underscoring its efficiency in energy cost management.

What did Hut 8 CEO CEO Asher Genoot say?

“Our results this period underscore the strength and potential of the new Hut 8. Our objective is to sustainably build a profitable, diversified business throughout fiscal year 24. With this objective in mind, we remain committed to driving topline revenue growth and cost reduction across our business.”

The robustness of the company’s balance sheet is evident in its Bitcoin holdings, with 9,195 Bitcoin valued at approximately $388.1 million as of December 31, 2023.

This asset reservoir provides Hut 8 with substantial market value and potential for future revenue generation.

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