11:39 AM EDT, 08/13/2024 (MT Newswires) -- Hut 8 ( HUT ) was last seen down 4.5% after the bitcoin miner on Tuesday said its loss swelled in the second quarter despite higher revenue.

The company booked an attributable loss of US$71.9 million, or US$0.78 per share, in the period, compared to a loss of US$1.7 million, or US$0.04, in the year-prior quarter.

Hut 8 ( HUT ) said that after the second quarter of 2023 it adopted new accounting rules that required it to recognize its digital assets at fair value, with changes recognized in net income during the reporting period.

Revenue jumped 72% to US$35.2 million while the adjusted EBITDA loss was US$57.5 million compared to a gain of US$14.8 million.

Hut 8 ( HUT ) mined 279 Bitcoin, dropping from 740 Bitcoin mined. As of June 30, total self-mined Bitcoin balance was 9,102, which represented a market value of about US$570.5 million.

"Our results this quarter reflect the ambitious restructuring program we set in motion six months ago," chief executive Asher Genoot said. "We are aggressively advancing our pipeline to enable us to address multi-hundred-megawatt infrastructure development opportunities and look forward to sharing updates on committed projects as they materialize."

Hut 8 ( HUT ) shares were last seen down $0.70 to $14.97 on the Toronto Stock Exchange.

Price: 14.96, Change: -0.71, Percent Change: -4.53