Bitcoin miner Hut 8 doubles down on diversification, discipline around halving

Hut 8 looks to deploy its large stack of bitcoin holdings with “discipline” heading into the bitcoin halving while further diversifying its revenue streams, the company’s chief executive said.

The company, which completed a merger of equals with US Bitcoin Corp last year, tallied $60.6 million in revenue during the second half of 2023. Net income was $6.2 million over that span.

Nearly 70% of that revenue comes from crypto mining, CEO Asher Genoot said during the company’s earnings call Thursday.

But Hut 8 seeks to further diversify its revenue streams across its managed services business, the CEO noted — as well as boost its standing in the high-performance computing (HPC)…

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