Cantor Fitzgerald's "Bitcoin Miners: Cost Per Coin Analysis" highlights how the merger of Hut 8 Mining Corp and US Bitcoin Corp. resulted in significantly enhanced operating strength and cost efficiency. According to the firm’s analysis, Hut 8 had the third lowest cost to mine a Bitcoin among the fourteen miners analyzed in Q4 2023.

“HUT benefits from other gross profit offsetting its fixed expenses. For 4Q23, we estimate that HUT's fixed cash expense-per-coin was just $2,043, marking the second-lowest of the 14 miners. Notably, HUT vastly improved its relative positioning since our last cost-per-coin report, after the Hut 8 - USBTC merger." - Cantor Fitzgerald, April 2024