Hut8 reported a net profit of $190 million in the third quarter, with $414 million in gains from Bitcoin appreciation.

Hut8 released its Q3 10-Q financial results, reporting revenue of $71.11 million, a 15% year-over-year decrease, with computing power revenue at $68.43 million. Driven by rising Bitcoin prices, digital asset revenue reached $413.8 million, contributing to operating profit of $318.2 million, net profit of $189.5 million, and diluted earnings per share of $0.98. In the same period last year, revenue was $83.51 million, digital asset revenue was $76.59 million, and earnings per share were $0.43. The company reported a cumulative net loss of $240.8 million for the first three quarters, compared to a net profit of $53.78 million in the same period last year. As of September 30, Hut 8 had 1,330 MW of energy capacity under construction and 710 MW of energy capacity under management.