Bitcoin Miner Stock Earnings – (OTCQB: $INTV) (NASDAQ: $HUT) (NASDAQ: $MARA) (NASDAQ: $CORZ) @IntVentures @Hut8Corp @MarathonDH @Core_Scientific
Bitcoin Miner Stock Earnings – (OTCQB: $INTV) (NASDAQ: $HUT) (NASDAQ: $MARA)
(NASDAQ: $CORZ) @IntVentures @Hut8Corp @MarathonDH @Core_Scientific
Record Profits and Revenues Reported by Miners
May 16, 2024 –Investorideas.com, a go-to platform for big investing ideas, reports on
recent bitcoin and crypto miner stock earnings as Bitcoin rises, featuring
Integrated Ventures, Inc. (OTCQB: INTV), a diversified holdings company that develops,
acquires, operates and invests in businesses, focused on AI/information
technology, e-commerece, data center design and cryptocurrency mining.
Read this article, featuring INTV in full at https://www.investorideas.com/news/2024/cryptocurrency/05161Bitcoin-Miner-Stocks.asp
Miners are seeing greater profits according to Cryptodaily, reporting on May 9th:
According to data collected by BTC.com, the
difficulty of mining Bitcoin (BTC) has recently dropped significantly. The hash
rate fell 5.63 percent to 83.15 trillion as a result of this latest update. At
a block height of 842,688, the modification was made, and the average hash rate
was 646.96 EH/s.
Continued: Compared to the previous seven days, the average
network hash rate is 572.18 EH/s, which is the largest drop seen since December
2022. If this continues to decline, miners using the same resources might
produce more with an increase in profit.
Continued: Crypto mining companies’ profit reports, like Core
Scientific’s, show that this advantageous mining difficulty has paid off.
Several of their income streams reached all-time highs in the first quarter of
2024.
Crypto miner, Integrated Ventures Inc. (OTCQB: INTV) yesterday reported the filing of Q3/2024, for financial period ending
on March 31, 2024.
(Paid news dissemination on behalf of INTV)
Steve Rubakh, CEO of Integrated Ventures, Inc. adds
the following commentary:
"We are pleased to deliver record quarterly
mining revenues with positive earnings of 0.05 cents per common share. Our
liquid position is at the highest level ever and will be used to support
potential M&A transactions and to acquire additional, more efficient mining
equipment. It must be noted that Integrated Ventures has become an early
adopter and deployed new accounting standards for this filing (known as ASU-2023-08)
to book crypto assets, using fair value method."
Financial (Year To Year) Highlights (Q3/2024 vs
Q3/2023) are as follow:
Total Mining Revenues: Company had generated the
mining revenues of $1,983,250.00 vs $1,472,813.00.
Net Income Profit/Loss: INTV's mining operations
produced net income profit of $297,283.00 vs loss of ($1,766,615.00).
Total Assets: Company reported value of the total
assets, in the amount of $5,947,859.00 vs $6,590,569.00.
Total Current Liabilities: INTV had reported the
total liabilities (non-cash), in the amount of $3,306,111.00 (non-cash) vs
$2,975,452.00.
Total Liquid Assets (Cash+ Digital Securities):
Company's ending balance was $2,007,296.00.
Net Profit/Loss Per Share: INTV's net income (profit) per common share
reported was 0.05 cents vs loss of ($1.03).
Company's current, revenue generating operations
consist of digital currency mining and hosting.
Hut 8 Corp. (NASDAQ:HUT) (TSX: HUT), a leading vertically integrated operator of
large-scale energy infrastructure, and one of North America’s largest Bitcoin
miners yesterday announced its financial results for the three months ended
March 31, 2024. The stock had double digit gains on the news.
“Looking ahead, we remain intently focused on
scaling our Bitcoin mining business and bringing our pipeline to fruition. We
believe the differentiated approach we have taken to secure these opportunities
despite the growing shortage of load interconnection assets will allow us to
build a portfolio that is highly competitive not only in mining but also in the
broader energy infrastructure sector. With our commitment to disciplined
capital allocation, focus on non-dilutive sources of funding, and exceptional
team and board, we are more confident than ever that our strategy will deliver
strong shareholder returns for decades to come,” said Asher Genoot, CEO of Hut
8.
From the news: First Quarter 2024 Financial and Operational
Highlights
U.S. Data Mining Group, Inc. dba US Bitcoin Corp
(“USBTC”) and Hut 8 Mining Corp. completed an all-stock merger of equals (the
“Business Combination”) on November 30, 2023. USBTC was deemed the accounting
acquirer in the transaction and, as a result, the historical figures in the
Company’s income statement for the three months ended March 31, 2023 reflect
USBTC’s standalone performance. Results for the three months ended March 31,
2024 reflect the performance of the combined company. With respect to the balance
sheet, the ending balance for Q1 2024 is being compared to year-end 2023, both
of which reflect the combined company’s performance. All financial results are
reported in US dollars.
As of March 31, 2024, energy capacity under
management in Hut 8’s mining business totaled 884 megawatts (“MW”) across six
sites in North America; additionally, the Company had more than 36,000 square
feet across five cloud and colocation data centers in Canada and four natural
gas power generation facilities in Ontario, Canada totaling 310 MW.
Owned approximately 54,500 miners totaling
approximately 5.5 exahash per second (EH/s), including the Company’s net share
of the King Mountain joint venture (“King Mountain JV”), as of March 31, 2024.
Revenue increased by $36.1 million to $51.7 million
from $15.6 million for the three months ended March 31, 2023.
Net income attributable to Hut 8 increased by
$233.5 million to $250.9 million compared to $17.3 million for the three months
ended March 31, 2023.
Adjusted EBITDA increased by $285.8 million to
$297.0 million from $11.1 million for the three months ended March 31, 2023.
During the three months ended March 31, 2024, 716
Bitcoin were mined, versus 524 Bitcoin mined in the three months ended March
31, 2023.
As of March 31, 2024, total self-mined Bitcoin
balance was 9,102, which represented a market value of approximately $648.9
million.
Marathon Digital Holdings, Inc. (NASDAQ:MARA) reported earnings for the first quarter ended
March 31, 2024 on May 9th.
From the news: First Quarter 2024 Financial and Operational
Highlights
Energized hash rate increased 142% to 27.8 EH/s in
Q1 2024 from 11.5 EH/s in Q1 2023
Produced 2,811 BTC during Q1 2024, a 28% increase
from Q1 2023
Revenues increased 223% to $165.2 million in Q1
2024 from $51.1 million in Q1 2023
Net income increased 184% to $337.2 million, or
$1.26 per diluted share, in Q1 2024 from $118.7 million, or $0.72 per diluted
share, in Q1 2023
Adjusted EBITDA increased 266% to $528.8 million in
Q1 2024 from $144.5 million in Q1 2023
“During the first quarter of 2024, we doubled the
size of our portfolio of digital asset compute, launched our first products and
services to support the Bitcoin ecosystem, and we battled against operational
challenges to produce record financial results,” said Fred Thiel, Marathon’s Chairman
and Chief Executive Officer. “In less than four months we initiated, closed,
and integrated the acquisitions of our first three sites. As a result, we
doubled the size of our portfolio to 1.1 gigawatts of capacity, 54% of which we
now directly own and operate. After bringing our first products to market in
March, we secured our first paying customers for MARA firmware and began building
a robust sales pipeline for our two-phase immersion system.”
On May 8th, Core Scientific, Inc. (NASDAQ: CORZ), a leader in bitcoin mining, specializing in application-specific
digital infrastructure for emerging high-value compute, announced financial results for the fiscal
first quarter of 2024. Net income was $210.7 million, as compared to a net loss
of $0.4 million for the same period in 2023. Total revenue was $179.3 million,
as compared to $120.7 million for the same period last year. Operating income
was $55.2 million, as compared to $7.6 million for the same period in 2023.
Adjusted EBITDA was $88.0 million, as compared to $40.3 million for the same
period in the prior year.
From the news: "We delivered outstanding results in the
first quarter, earning more bitcoin than any other publicly traded bitcoin
miner, strengthening our balance sheet by paying down debt and improving our
cash position, and improving our fleet efficiency with the deployment of new
generation miners," said Adam Sullivan, Core Scientific Chief Executive
Officer. "By taking full advantage of favorable market fundamentals and by
focusing on productivity and efficiency, we generated strong financial
performance that demonstrates our ability to create value for our
shareholders."
"Our 745 megawatts of operational, high-power
data center infrastructure forms the basis of our competitive advantage. We
believe this advantage places us in a unique position where bitcoin mining
serves as the platform on which to build an alternative compute hosting
business at a time when the demand for high-power data center capacity is
strong and growing."
From the news: "We are in regular discussion with customers
to evaluate the potential of transforming more than 500 megawatts of our
operational infrastructure and contracted power to host high-performance
computing. With our existing access to a total of 1.2 gigawatts of power and
with new, more energy efficient bitcoin miners on the horizon, we plan to
expand our bitcoin mining hash rate as we build a high-performance computing
offering. We are well positioned to take advantage of two very attractive
markets," added Mr. Sullivan.
For investors following crypto miners, it’s not
only betting on bitcoin and crypto prices rising, it is also about the difficulty
to mine and the ultimate profitability. Based on recent earnings news; the
trend is their friend.
Research more bitcoin and crypto stocks with
Investorideas.com free stock directory
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