Hut 8 Mining stock slides after Q2 results are dented by electrical issues at site

Separately, in connection with its previously announced merger with U.S. Data Mining Group (USBTC), the company said it received an interim order from the Supreme Court of British Columbia that provides for holding a special meeting of shareholders to vote on the deal. During Q2 2023, Hut 8 ( HUT ) mined 399 bitcoin ( BTC-USD ), a 58% drop from the year-ago quarter, primarily from an increase in average bitcoin network difficulty, the impact of the suspension of operations at its North Bay facility, and ongoing electrical issues at its Drumheller site. The issues at Drumheller, which HUT had previously reported, were mainly the result of high energy input levels causing miners to fail. Operations are currently at ~20% of its installed hash rate at the site. Hut 8 ( HUT ) said it has implemented new custom firmware across all miner models designed to lower the power supply's maximum output voltage, increased repair staff, and acquired new hardware to expedite repairs. The electrical issues were exacerbated by high energy rates, which further increased curtailment at the site, the company said. Hut 8's ( HUT ) installed hashrate was 2.6 EH/s, excluding its North Bay facility, as of June 30, 2023, unchanged from March 31, 2023. Mining profit of C$3.20M dropped from C$14.9M a year ago. As of June 30, 2023, the company had total self-mined bitcoin ( BTC-USD ) balance held in custody or pledged as collateral of 9,136 with a market value of C$368.7M. Its total digital assets on its balance sheet at June 30 came to C$368.9M, up from C$203.6M at Dec. 31, 2022. Q2 adjusted EBITDA of -C$2.69M sank from C$98.2M a year earlier. Q2 2023 EPS of -C$0.08 still narrowed from -C$0.49 in Q2 2022. More on Hut 8 Mining Hut 8 Mining GAAP EPS of -C$0.08, revenue of C$19.18M Hut 8 Mining: Starting To Get Answers Hut 8 Mining: Energy Woes And Upcoming Merger Hut 8 executes support agreement with Macquarie Hut 8 Mining sees SEC clearance on USBTC merger in 'near term' Hut 8 announces $50M credit facility Seeking Alpha’s Quant Rating on Hut 8 Mining Earnings data for Hut 8 Mining