Hut 8 Earnings Nov 4: Stock Up 16%, Does the Rebound Last?
Hut 8 earnings land on Wednesday, November 4, and the stock jumped 16% on Tuesday ahead of them. Riot rose 14% and MARA 9% at the same time, per 24/7 Wall St. These are intraday moves. The report will say whether the rebound has anything under it.
What to watch in Hut 8 earnings
Hut 8 reports before the market opens, with a call at 8:30 AM ET, according to MarketBeat. Analysts expect revenue near $75.5 million to $76.5 million. 24/7 Wall St. puts consensus at $75.9 million, down 9.1% from a year ago. The loss estimates differ by source, from about 72 cents to $1.06 a share, so we will not pick one.
Last quarter was a miss. MarketBeat says Hut 8 lost $1.27 a share against an estimate near a 55 cent loss, on $74.93 million of revenue. Hut 8 said most of Q2’s $138.6 million digital-asset loss was unrealised, per 24/7 Wall St. So the headline loss often depends on the bitcoin price on the last day of the quarter.
The AI lease story behind the Hut 8 stock jump
Hut 8 now sells data-centre capacity as much as bitcoin. Its Q2 release reported 949 MW of contracted IT capacity and about $26.6 billion of expected base-term contract value, per MarketBeat. 24/7 Wall St. says lease revenue is not expected to be meaningful until 2027, with first data halls targeted for the second and third quarters of 2027.
The caution came a day earlier. Keefe, Bruyette & Woods cut its Hut 8 target to $92 from $154 and kept an Outperform rating, according to 24/7 Wall St. It cut Riot to $20 from $35 and warned of a possible “lease catalyst drought” through early 2027. That note is reported by one outlet, so treat it as unconfirmed. Hut 8 was still down 29% over the past month before Tuesday.
What Hut 8 earnings mean for your own miners
Public miners are leaving pure bitcoin mining. Their machines still run, and their hashrate is still part of the network. Right now that is about 1024 EH/s per mempool.space. A stock jump does not change your block reward. It changes who can afford to keep older machines on. Here is the maths at today’s hashprice.
Miner math: what the hashprice pays an S19 today
Here is the live maths on November 3. Bitcoin is $77,541 and the network is 1024 EH/s, so hashprice is about $34.28 per petahash per day. That is what one PH/s of hashing earns before power.
| Machine | 5c/kWh | 8c/kWh | 12c/kWh | Break-even |
|---|---|---|---|---|
| Antminer S19 (95 TH/s, 3250 W) | -$0.64 | -$2.98 | -$6.10 | 4.2c |
| Antminer S19k Pro (115 TH/s, 2645 W) | $0.77 | -$1.14 | -$3.68 | 6.2c |
| Antminer S19 XP (141 TH/s, 3010 W) | $1.22 | -$0.95 | -$3.84 | 6.7c |
| Antminer S21 Pro (234 TH/s, 3510 W) | $3.81 | $1.28 | -$2.09 | 9.5c |
Numbers are profit per day after electricity, at the three power prices shown. Break-even is the most you can pay per kilowatt-hour before the machine loses money. Specs are the manufacturer ratings; network data comes from mempool.space. Try your own power price in our free bitcoin mining profit calculator. See what these machines really sold for in our used ASIC miner price index. Want to run the same numbers on a machine you can buy today? See our used ASIC miners, or buy several at once through bulk lots.
If public miners switch off older machines and network hashrate falls 5%: the break-even power price on an S19k Pro rises from 6.2 to 6.5 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.14 to -$0.93.
Here is the blunt part. At 8 cents most older machines in the table above lose money, whatever the stock does. If that is you, see our we buy used miners page. If you are buying, browse every miner in stock after you run your own power price.
-Nick
ING Mining
This is general information, not financial advice. Crypto is volatile, and exchanges can fail. Please do your own research.
How this story was made: drafted with the help of AI tools from public sources, then edited by Nick Squires. See our editorial policy. Spot an error? Email ns@ingmining.com.