Hut 8 Corp. (ticker: HUT) saw revenue jump 72% year-over-year to $35.2 million, according to its latest quarterly earnings report.

Partially driving these returns was the decreased cost to mine bitcoin as its “cost per kilowatt-hour” fell 21% from the first to the second quarter as well as the firm’s growing computing power business lines.

Still, like the majority of mining firms, Hut 8 recorded a net loss following the halving event in April, which split the bitcoin block subsidy in the preplanned, programmatic update to the blockchain that occurs every four years.

The company’s net losses totaled $71.9 million, largely due to a $71.8 million fair value adjustment on its holdings following the adoption of new Financial Accounting Standards Board rules for digital assets that require firms to recognize fair value price changes during specific reporting periods. Bitcoin BTC -0.35% dropped from $71,289 to $62,668 from the end of the first quarter to the second quarter.

Rival miners Marathon Digital reported a net loss of $199.7 million in the quarter while Core Scientific recorded a staggering $805 million net loss largely due to accounting requirements.

Hut 8 mined approximately 279 bitcoins this past quarter, bringing its current total holdings to 9,102 self-mined coins (worth about $571 million) as of the end of July 31. In comparison to the year-ago quarter, Hut 8 had mined 740 bitcoins.

Likewise, the firm’s cost to mine bitcoin nearly doubled year-over-year to $26,232 per coin.

Together, Hut 8’s alternative computing business lines including high-performance computing and managed services now make up the majority of its revenues in aggregate. It saw revenue of $13.9 million from mining bitcoin and $21.3 million from its other services.

Hut 8 also announced a $150 million strategic investment from Coatue to partner in building AI infrastructure. It also opened a new site in Texas with 205 megawatts of low-cost power available — bring its total energy capacity to 1,075 megawatts across 18 sites in the U.S. and abroad.

“Our results this quarter reflect the ambitious restructuring program we set in motion six months ago,” Hut 8 CEO Asher Genoot said in a press release. “Scaling our power footprint remains central to our strategy. We believe high-quality power assets will become increasingly valuable as compute applications demand more energy.”