NewsDialy
A Bitcoin miner can produce more coins and still earn less money from them.
(NASDAQ: FUFU) raised the hashrate (the computing power directed at mining) it committed to self-mining by 47% in the second quarter and mined 192 Bitcoin, a 34% increase year over year, yet total revenue fell 62.9% to $42.8 million.
A $20.5 million net loss replaced a $47.1 million profit from a year earlier, and shares closed 11% lower at $1.29 on August 17.
Where the revenue went The company's largest business, Cloud Mining Solutions, drove most of the damage.
Keep reading