Hut 8, a major North American Bitcoin miner, reported a  net loss of $71.9 million for Q2 2024, despite a 72% revenue increase to $35.2 million. This loss stemmed from a $71.8 million fair value adjustment of crypto assets due to falling Bitcoin prices and new accounting standards. The company improved its gross margins to 46% and reduced energy costs by 21% per kilowatt-hour. Hut 8 is expanding its energy infrastructure, including a new site in Texas with 205 megawatts of low-cost power, and plans to commercialize its GPU-as-a-service offering. The company aims to upgrade its mining fleet and leverage a $150 million partnership with Coatue for further growth. Source: Hut 8