Galaxy said mining revenue fell by 23% from the previous quarter, even as total hashrate, or mining power, increased by 11% due to the halving, higher mining difficulty and seasonal operation curtailments. Despite Galaxy’s mining woes, the firm narrowed its third-quarter net loss and its operating revenue grew more than 30% from previous quarter, according to the statement. The shares jumped more than 7% in Toronto on Thursday, while bitcoin and broader market index, CryptoX 20, were positive for the day.
Galaxy (GLXY) Is Looking to Turn All of Its Bitcoin (BTC) Mining Into AI Computing Facility as Revenue Falls
