CandleFocus Hut 8 beats Q3 revenue expectations, increases revenue to $43.7m
2024-11-13
Author: Content Editor
Hut 8, a Bitcoin mining firm, has reported third-quarter earnings that exceeded expectations. The company's revenue reached $43.7 million, surpassing the anticipated $35.1 million. The strong performance was attributed to the success of its crypto mining and managed services divisions. Hut 8 also experienced a reduction in energy costs and mined 234 BTC during the quarter. The firm holds 9,106 Bitcoin worth approximately $576.5 million. Hut 8's CEO highlighted partnerships, initiatives, and a focus on scaling AI and Bitcoin mining capabilities. Following the earnings report, Hut 8 shares increased by 1.5% in pre-market trading.
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