Hut 8 Mining Q3 revenue slides 37% Y/Y on lower bitcoin prices, higher power costs

Hut 8 Mining ( NASDAQ: HUT ) stock perked up 8.7% in Thursday premarket trading even after its third-quarter earnings and revenue tumbled from a year ago against a backdrop of a decline in bitcoin's ( BTC-USD ) price and a rise in power costs. Still, its BTC production climbed due to an increase in its average hashrate. Q3 EPS of -C$0.12 (-US$0.12), missing the average analyst estimate of -C$0.07, dropped from $0.16 in the three months ended Sept. 30, 2021. Revenue of C$31.67M, falling short of the C$34.7M consensus, slid from C$50.34M. Cost of revenue, consisting of site operating costs and depreciation, was C$45.6M in Q3, up from C$21.2M in Q3 202. The company mined 982 bitcoins ( BTC-USD ) in Q3, an 8.5% increase compared to Q3 2021 amid an increase in hashrate from the expansion of its mining fleet and mining activities. Mining profit, though, was C$9.3M compared with C$33.51M a year earlier. Adjusted EBITDA plunged to C$2.08M from C$30.72M in Q3 of last year. Perhaps HUT stock caught a bid as bitcoin ( BTC-USD ) erased some losses following October's inflation figure that moderated Y/Y. Conference call at 10:00 a.m. ET. Earlier, Hut 8 Mining GAAP EPS of -C$0.12, revenue of C$31.67M .