Share this article
Hut 8 Mining Revenue Drops 43% in Q3 Despite Hash Power Increase
Hut 8 mining revenue has fallen for five consecutive quarters.
By Zack Voell
Updated Dec 10, 2022, 9:23 p.m. Published Nov 12, 2020, 6:56 p.m.
Toronto-based Hut 8 reportedhttps://hut8mining.com/wp-content/uploads/2020/11/Hut-8-FS-Q3-2020-v3.pdf C$5.3 million (US$4 million) in Q3 mining revenue Thursday, down 43% from the previous quarter, but the bitcoin mining firm reaffirmed its plans to expand its hash power as the price of the cryptocurrency continues to rise.
- Hut 8’s Q3 revenue represents an 80% decrease from the same period last year.
- The bitcoin mining company moved closer to profitability, however, reporting a Q3 loss of C$900,338, or C$0.01 a share, narrower than the year-ago loss of C$5.19 million, or C$0.07 a share.
- Despite the revenue decrease, Hut 8 continues to expand its mining operations as the price of bitcoin continues to soar. The firm deployed 2,000 ASIC miners halfway through the quarter, resulting in a reported hash power increase of 154 PH/s.
- The price of bitcoin appreciated 18% during Q3, up a total of 130% in 2020.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Hut 8 currently controls over 1,100 peta hash per second (PH/s) of hash power, according to CoinDesk estimates based on previously reported hash power.
- Shares of Hut 8 dipped over 6% following the earnings release, trading hands at $1.18 at last check, down from their daily open of $1.25.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Federal Reserve Cuts Rates 25 Basis Points, With Two Voting for Steady Policy
The anticipated move comes as policymakers are still operating without several key economic data releases that remain delayed or suspended due to the U.S. government shutdown.
What to know:
- As expected, the Federal Reserve trimmed its benchmark fed funds rate range by 25 basis points on Wednesday afternoon.
- Today's cut is notable given the unusually large amount of public dissension among Fed members for further monetary ease.
- Two Fed members dissented from the rate cut, preferring instead to hold rates steady, while one member voted for a 50 basis point rate cut.
Top Stories
