9621 Agnes Crossing, Lake Suzanneview, New Mexico Island 84604-9295.
In the first quarter of 2022, Canadian mining company Hut 8 Mining’s revenue amounted to 53.3 million. CHAD (~$40.9 million). The 942 BTC mined during the period brought
In the first quarter of 2022, Canadian mining company Hut 8 Mining’s revenue amounted to 53.3 million. CHAD (~$40.9 million). The 942 BTC mined during the period brought the firm 49.3 CAD (~$37.8 million) of the total.
Highlights in Q1:
– revenue $53.3 million
— 9,592 new miners are up and running; BTC holdings up 17%
— Adjusted EBITDA $27.1 million
— Recurring revenue in new HPC business projected to grow 15-18% with 35-40% marginsRead more 👉 https://t.co/1qQJnK8UsW
— Hut 8 Mining (@Hut8Madencilik) 12 May 2022
In addition to mining operations, Hut 8 generated revenue from hosting services (~$0.6 million) and HPC (~$2.5 million) in the January-March period.
The firm’s total revenue for the quarter increased 67% year over year.
The company has deployed 9,592 new MicroBT miners (Whatsminer M30S, M30S+, and M31S+) to facilities at Drameller and Medicine Hut in Alberta. This allowed us to increase our own hash rate to 2.54 EH/s as of March 31. Growth since the beginning of the year – 27%.
Check out our new Whatsminers in Drumheller, Alberta last weekend 💪 pic.twitter.com/0F5Dtid3k4
— Hut 8 Mining (@Hut8Madencilik) May 9, 2022
“Our mining operations delivered strong results in the first quarter and we are confident we have a long-term foundation, thanks in large part to the installation of approximately 9,600 new MicroBT miners,” said Hut 8 CFO Shane Downey.
Hut 8 noted that the cost of mining 1 BTC in the first quarter of 2021 was about $25,900, and about $18,000 during the reporting period.
Compared to the previous quarter, the company’s hosting revenue has almost halved (from $1.07 million). In Hut 8, this was explained by the purchase of equipment from several customers for independent mining.
In April, the company continued this policy and signed an agreement to purchase 960 Whatsminer M31S+ miners installed in the Medicine Hat data center from TAAL.
According to a press release, Hut 8 entered the HPC business during the quarter. The financial results of the split in the company were highly appreciated. In the future, the company plans to increase the share of its revenue from this field to 35% – 40%.
Recall that in 2021, Hut 8 mined a total of 2786 BTC, increasing revenue by 327%.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
