March 28, 2024 (Globalinvestorideas.com Newswire) Bitcoin/Crypto Stock News Bites – Hut 8 Corp. (NASDAQ:HUT) (TSX: HUT) is one of the top crypto stock gainers this morning as bitcoin passes $71,000 and the company reported its financial results for the six months ended December 31, 2023.
The stock is trading at $15.98, up $2.57 or 19.16% on the TSX and $11.85, gaining $1.99 or 20.20% on the NASDAQ.
Six Months Ended December 31, 2023 Financial and Operational Highlights
U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC”) and Hut 8 Mining Corp. completed an all-stock merger of equals (the “Business Combination”) on November 30, 2023. USBTC was deemed the accounting acquirer in the transaction, so the Company’s results of operations reflect only USBTC’s performance up until the completion of the Business Combination on November 30, 2023. The Company’s results of operations for the combined company start on December 1, 2023.
There was also a change of year-end for the accounting acquirer, USBTC, from June 30 to December 31. As a result, the Company is filing transition period financial statements as a bridge between USBTC’s last year-end, which was June 30, 2023, and Hut 8 Corp.’s new year-end, which is December 31, 2023. The outcome of this is a six-month set of financials, including audited financials for the six months ended December 31, 2023 and unaudited financials for the six months ended Dec 31, 2022.
Operating portfolio totaled 839 megawatts (“MW”) across 11 sites in North America comprising six digital asset mining sites and five cloud and colocation data centers as of December 31, 2023.
Self-mining hashrate totaled approximately 6.3 exahash per second (EH/s) as of December 31, 2023, including the Company’s net share of the King Mountain joint venture (“King Mountain JV”).
Revenue increased by $14.6 million to $60.6 million from $46.0 million in the six months ended December 31, 2022.
Net income improved to $6.2 million compared to a net loss of $81.3 million in the six months ended December 31, 2022.
Adjusted EBITDA increased by $49.5 million to $62.3 million from $12.8 million in the six months ended December 31, 2022.
During the six months ended December 31, 2023, 1,244 Bitcoin were mined. As of December 31, 2023, total self-mined Bitcoin balance of 9,195, which represented a market value of approximately $388.1 million. As of February 29, 2024, total self-mined Bitcoin balance of 9,110 Bitcoin, which represented a market value of approximately $557.3 million.
Cost to mine a Bitcoin for owned facilities, including the Company’s net share of the King Mountain JV, was $16,353, versus $16,447 for the six months ended December 31, 2022. Cost to mine including hosted miners was $18,815, versus $16,305 in the six months ended December 31, 2022.
Read the company’s full news and disclaimer here:
https://finance.yahoo.com/news/hut-8-reports-operating-financial-103000889.html
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