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Canadian Firm Hut 8 Reports Bitcoin Mined in Q1 Declined 54% Due to Price Volatility

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On Monday, Hut 8 Mining reported that first-quarter revenue rose 5% to $9 million from $8.59 million a year ago after the amount of bitcoin (BTC) extracted plunged sharply. Quarter-on-quarter, revenue fell 14%.

For the three months to March 31, 2020, the Canadian bitcoin firm said it mined 1,116 BTC, down 54% from the 2,405 BTC realized a year earlier. It blamed the decline on “increasing network difficulty (that) impacted the company’s production negatively”.

At the end of the quarter, Hut 8 held around 3,000 BTC worth about $26.8 million at current market prices.

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