Hut 8 beats Q3 revenue expectations, increases revenue to $43.7m

Bitcoin mining firm Hut 8 reported third-quarter earnings that surpassed expectations, with revenue exceeding $43.7 million.

Miami-headquartered crypto mining firm Hut 8 reported third-quarter earnings results Wednesday morning. The publicly traded miner with $2.2 billion in market cap reported quarterly revenue of $43.7 million, significantly better than $35.1 million expected by analysts polled by FactSet.

he revenue boost was primarily driven by strong results in its crypto mining and managed services segments. Crypto mining contributed $11.6 million, while managed services brought in $20.8 million. The growth highlights Hut 8’s diversification into high-performance computing and artificial intelligence infrastructure. The firm also reported a 33% reduction in energy costs per MWh, down to $28.83 from $42.73 a year ago.

During Q3, Hut 8 mined 234 BTC (valued at approximately $14.2 million). As of September 30, it held 9,106 Bitcoin in reserve, worth around $576.5 million, alongside $72.9 million in cash.

Hut 8 CEO Asher Genoot emphasized several key initiatives, including a partnership with Bitmain, the launch of a GPU-as-a-Service vertical, and the conversion of a $37.9 million loan into equity. He also highlighted the firm’s focus on scaling AI and Bitcoin mining capabilities.

Hut 8 is on track to upgrade its self-mining fleet, expecting to boost its hashrate by 66% to 9.3 EH/s by Q1 2025, with potential growth to 24 EH/s by mid-2025. Following the earnings report, Hut 8 shares rose 1.5% in pre-market trading, briefly reaching $24, according to Nasdaq data.