According to Foresight News, Bitcoin mining company Hut 8 has released its Q3 operational and financial report, revealing a decline in revenue to $17 million, with $4.5 million coming from its high-performance computing business. Additionally, Hut 8 mined 330 Bitcoins during the quarter, a 66% decrease year-over-year. The company attributes this reduction to an increase in the average Bitcoin network difficulty, resulting in fewer mined Bitcoins, as well as the temporary suspension of operations at its North Bay facility.
As of September 30, 2023, Hut 8 held or pledged a total of 9,366 self-mined Bitcoins as collateral, with a market value of $341.4 million. The company sold 100 Bitcoins in the third quarter, generating $3.9 million in revenue. The team's focus during Q3 was on completing the merger with USBTC.