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Mining Firm Hut 8 Reports 28% Drop in Q2 Revenue Following Bitcoin Halving

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Canadian bitcoin miner Hut 8 announced its Q2 2020 earnings Thursday, reporting a sharp drop in revenue. However, the rising value of the firm’s bitcoin holdings helped Hut 8 finish the quarter in the black.

The publicly traded company mined 795 bitcoin (BTC) last quarter, a 29% decrease from the 1,116 BTC mined during the prior quarter. As a result, revenue declined 28% to C$9.2 million.

Management mainly attributed this to the bitcoin halving that took place on May 11, writing:

“The network difficulty decreased subsequent to the halving by 15%, but quickly returned back to levels prior to ...

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