Bitcoin mining firm Hut 8 Mining reported a substantial net loss in its Q3 2023 financial results, per recent news from BlockBeats. The revenue for this quarter was CAD 17 million (about USD 12.38 million), marking a 46% YoY decline. The net loss stood at CAD 53.6 million (roughly USD 39.05 million), representing more than a twofold increase in losses YoY.
The quantity of Bitcoin mined this period also saw a significant drop, falling from 982 to just 330. This slump is contrasted by the surge in Bitcoin prices this year and more successful performances from several other miners in the market.
Hut 8 ascribed part of its drop-off to difficulties met at its operation site in Drumheller, Alberta, citing that "high energy levels led to mining machine failures." Currently, the operation at that location is running at only 27% of its installed hash rate, as per Hut 8's earnings report.
