By Adriano Marchese
Hut 8 Mining on Monday reported a narrower second-quarter loss, but revenue dropped as network difficulty in mining bitcoin remains challenging.
The Toronto-based digital asset miner posted a loss of 16.7 million Canadian dollars ($12.4 million), or C$0.08 a share, compared with a loss of C$88.1 million, or C$0.49 a share, in the prior-year period.
This narrowing was in line with analyst predictions, according to a poll on FactSet.
Revenue fell to C$19.2 million from C$43.8 million. Analysts were forecasting a decline in revenue to C$21.2 million.
Hut 8 mined 399 bitcoin in the period, about 58% fewer than it did a year earlier, largely due to the network difficulty in mining the digital asset.
It also halted its graphic-processing units mining activity after the Ethereum network changed its consensus mechanism from proof-of-work to proof-of-stake in the third quarter of last year.
Write to Adriano Marchese at adriano.marchese@wsj.com
