Why Hut 8 Mining Stock Dived by More Than 6% Today
No one was extracting a fortune from the earth with Hut 8 Mining (NASDAQ: HUT) on Monday. The Bitcoin (CRYPTO: BTC) miner released its second-quarter results, and investors found them wanting, to the point where they traded the shares down by more than 6%. By contrast, the S&P 500 index did fairly well, increasing by 0.6% on the day.
For the quarter, Hut 8 saw its revenue slide to 19.2 million Canadian dollars ($14.3 million), from CA$24.6 million ($18.3 million) in the same period of 2022. That mirrored a sharp 58% year-over-year decline in the amount of bitcoins mined by the company, falling to 399 in total.
Hut 8 attributed this to a rise in average Bitcoin network difficulty. The suspension of operations at one of the company's facilities and problems with the electrical systems in another were also factors.
Source Fool.com
