04:51 PM EST, 12/05/2024 (MT Newswires) -- Hut 8 ( HUT ) after close said its bitcoin production fell in November.

The bitcoin miner said it produced 94 of the coins in its own operations last month, down from 100 in October as its deployed miners fell to 56,200 from 57,100.

"We achieved net increases in deployed self-mining hashrate and efficiency in November by bringing inefficient miners offline in preparation for our initial fleet upgrade," said chief executive Asher Genoot. "These measures partially offset the impact of rising network difficulty on Bitcoin production, and we expect further performance gains in Q1 2025 as our initial fleet upgrade is expected to drive an improvement in average fleet efficiency to 19.9 joules per terahash."

The company's shares closed up $0.81 to $38.81 on the Toronto Stock Exchange.