press release
Hut 8 Reports Operating and Financial Results for the Six Months Ended December 31, 2023
Mar 28, 2024
- Revenue of $60.6 million including $12.6 million from Managed Services
- Net Income of $6.2 million and Adjusted EBITDA of $62.3 million
- 9,195 self-mined Bitcoin on balance sheet as of December 31, 2023
Notes
- Cost to mine a Bitcoin (excluding hosted facilities) is equivalent to the all-in electricity cost to mine a Bitcoin at owned facilities and includes the Company’s net share of the King Mountain JV.
- Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense and hosting expense divided by Bitcoin mined during the respective periods and includes the Company’s net share of the King Mountain JV.
- Bitcoin mined – Digital Assets Mining excludes the Company’s net share of the King Mountain JV.
Notes
- Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 9. Investment in unconsolidated joint venture of the Consolidated Financial Statements for further detail.
- Non-recurring transactions for the six months ended December 31, 2023 represent approximately $2.4 million of transaction costs related to the Business Combination and $9.6 million related to a sales tax accrual.