Canadian crypto mining firm Hut 8 posted a loss of $69.2 million during the second quarter of the year versus a net profit of $55.7 million in January-March, according to the latest earnings report shared by the company.
The negative change in the indicator at the company is mainly due to a "paper" loss from the revaluation of Bitcoin reserves.
The company mined 946 BTC during the first quarter. It posted a mining profit of $11.7 million compared to the $15.16 million recorded during the same period last year.
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The 71% year-on-year increase in the volume of Bitcoins mined was not enough to offset the decline in the price of the asset and the increase in electricity costs. The average cost of mining 1 BTC during the quarter amounted to $20,340 compared to $19,400 in April-June 2021.
The company has deployed 7,199 new MicroBT Whatsminer M30S, M30S+ and M31S+ miners at three of its Canadian facilities.