07:43 AM EDT, 08/13/2024 (MT Newswires) -- Hut 8 ( HUT ) fell 3.3% in NYSE pre-market trading after the bitcoin miner said on Tuesday that its net loss swelled in the second quarter despite recording higher revenue.

Hut 8's ( HUT ) share price fell to US$11.01 at last look.

The company booked an attributable net loss of US$71.9 million, or US$0.78 per share, compared to a loss of US$1.7 million, or US$0.04 per share.

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," CEO 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."