Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - 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.
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.
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, 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. 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., 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.
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