Bitcoin miner Hut 8 Mining (HUT)’s first-quarter revenue fell more than an estimated 64% year-on-year to CA$19 million (US$14.16 million) as the company was forced out by a dispute with its energy supply was to turn off some machines providers.
Revenue fell 13% sequentially, falling short of analyst expectations of CA$21.2 million. The Toronto-based company reported earnings per share (EPS) of CA$0.47, while FactSet had forecast a loss of CA$0.15.
While the crypto mining industry is just recovering from a brutal crypto winter in which big names like Compute North and Core Scientific (CORZ) filed for Chapter 11 bankruptcy protection, Hut 8 had to pay about 8,000 at its Ontario facility Switch off machines Dispute with his energy supplier in mid-November. Since then, only about 1,000 have managed to get back online.
CORRECTION (May 11, 12:16 UTC): Corrected the per share figures in the second paragraph to Canadian dollars. In an earlier version of this story, they were in US dollars.
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