Hut 8 climb rise as bitcoin holdings grow in Q2, revenue declines from Q1

During Q2, Hut 8's (NASDAQ:HUT) bitcoin (BTC-USD) holdings increased 15% to 7,406 from 6,460 in the previous quarter, the bitcoin mining company said Thursday. Against a backdrop of bitcoin rising 6.5% in the past 24 hours to US$24.6K, Hut 8 (HUT) shares rose 10% in Thursday premarket trading.The company expects it will reach 3.55 EH/s organically by the end of 2022, up from 2.78 EH/s as of June 30.Hut 8 (HUT) has withdrawn revenue growth guidance provided in its Q1 results after rationalizing certain low-margin product and services offerings during Q2 as it integrates recently acquired high performance computing operations.Q2 revenue of C$43.8M (US$34.3M) vs. C$53.3M in Q1 and C$33.5M in Q2 2021.Digital assets mined Q2 mining profit of C$14.9M dropped from C$32.9M in the previous quarter and from $19.3M in the year-ago quarter.Q2 adjusted EBITDA of C$6.8M fell from C$27.1M in Q1 and C$M in the year-ago quarter.A non-cash revaluation loss on digital assets of C$104.9M and depreciation and amortization of C$21.2M accounted for a large part of the company's Q2 net loss of C$88.1M."We have been anticipating market volatility for nearly a year and took proactive measures to successfully navigate the current downturn through the balance of the cycle," said CEO Jaime Leverton.Conference call at 10:00 AM ET.Earlier, Hut 8 Mining (HUT) GAAP EPS of -C$0.49, revenue of C$43.85M