Second Quarter 2023 Financial and Operational Highlights
Key financial and operational highlights for the second quarter include:
- Total revenue of $76.7 million, as compared to $72.9 million for the same three-month period in 2022. The increase was primarily driven by a 27% increase in Bitcoin production as compared to the same three-month period in 2022, offset by lower Bitcoin prices which averaged $28,024 per Bitcoin for the quarter, a decrease of 15% as compared to an average price of $33,083 per Bitcoin for the same three-month period in 2022.
- Produced 1,775 Bitcoin during the quarter, as compared to 1,395 Bitcoin during the same three-month period in 2022. Higher Bitcoin production was driven by a significant increase in miners deployed year over year.
- The average cost to mine Bitcoin was $8,389 in the second quarter, as compared to $11,316 per Bitcoin for the same three-month period in 2022.
- Earned $13.5 million in power curtailment credits during the quarter, as compared to $5.7 million in power curtailment credits earned for the same three-month period in 2022.
- Mining revenue of $49.7 million for the quarter, as compared to $46.2 million for the same three-month period in 2022, primarily driven by higher Bitcoin production, offset by lower average Bitcoin prices.
- Data center hosting revenue of $7.7 million for the quarter, as compared to $9.8 million for the same three-month period in 2022, driven by fewer hosting customers and lower Bitcoin values during the 2023 period, partially offset by increased revenue share from hosting customers.
- Engineering revenue of $19.3 million for the quarter, as compared to $16.9 million for the same three-month period in 2022, primarily driven by increased demand from third-party data center and engineering customers and delivering on backlog of projects.
- Maintained industry-leading financial position, with $408.4 million in working capital, including $289.2 million in cash on hand and $221.4 million in unencumbered Bitcoin (unaudited, assuming a market price for one Bitcoin on June 30, 2023 of approximately $30,477), all of which were produced by the Company’s self-mining operations, as of June 30, 2023.