Galaxy recently announced that its mining revenue decreased by 23% from the previous quarter, even though the total hashrate increased by 11%. This increase in mining power was attributed to factors such as the halving, higher mining difficulty, and seasonal operation curtailments.
Despite facing challenges in its mining operations, Galaxy managed to narrow its net loss in the third quarter. Additionally, the company’s operating revenue grew by more than 30% compared to the previous quarter.
Following the announcement, Galaxy’s shares surged more than 7% in Toronto. Meanwhile, both bitcoin and the CoinDesk 20 index also showed positive performance for the day.
