Crypto miner Hut 8 posts record revenue as BTC holdings surge 100%

Published at: March 17, 2022

Canadian cryptocurrency miner Hut 8 posted mixed financial results on Thursday, as revenue and mining profitability soared while overall net income declined — underscoring a volatile end to the year for Bitcoin (BTC) and the broader digital asset market. 

The Toronto-based company, which trades publicly on the Nasdaq and TSX, saw its revenues surge to $45.69 million (C$57.901 million) in the fourth quarter of 2021, up from $10.25 million (C$12.986 million) the year before. Full-year revenues were $137.1 million, up 326% compared with 2020.

Despite generating a large profit from mining activities, the company posted an overall loss of $0.53 ($C0.67) per share in the fourth quarter. Losses amounted to $0.43 (C$0.54) per share in all of 2021.

Shares of Hut 8, which trade under the ticker symbol HUT, fluctuated within a narrow range on Thursday. The stock was last seen trading at $5.23, according to TradingView data.

Over the past 12 months, HUT has behaved very much like a crypto proxy stock as its movements have been strongly correlated with Bitcoin and the broader digital asset market. HUT peaked near $16 in early November just as Bitcoin printed a new all-time high north of $69,000.

Related: Bitcoin faces new ‘milestone’ in 2022 as new forecast predicts BTC price ‘in the millions’

In its quarterly earnings report, Hut 8 disclosed that it had mined 2,786 BTC in 2021, bringing its total holdings to more than 6,200 BTC. Its Bitcoin reserves are now worth over $254 million at current prices.

Only five other publicly traded companies hold more BTC than the Canadian miner: MicroStrategy, Tesla, Marathon Digital Holdings and Block (formerly Square).

Tags
Business
Nasdaq
Mining
Bitcoin Mining
Stocks
Canada
Related Posts
Crypto mining firm Argo Blockchain eyes secondary Nasdaq listing
Argo Blockchain, a publicly traded blockchain technology company focused on cryptocurrency mining, is looking at a potential secondary listing on the Nasdaq exchange. On Tuesday, the company announced that it is now exploring the possibility of a secondary listing on the Nasdaq as part of its operational and strategic update for June 2021. Argo Blockchain said that the firm has not yet reached a decision on the timing of the secondary listing, noting that “There is no guarantee that the listing will be finalized,” and, “Any proposed listing is subject to market and other conditions, and there can be no …
Bitcoin / July 6, 2021
Nasdaq warns Bitcoin mining firm Bitfarms about share price deficiency
The Canadian Bitcoin (BTC) mining firm Bitfarms is facing compliance challenges over its listing on Nasdaq due to the ongoing cryptocurrency winter. Bitfarms received a warning notification from Nasdaq on Dec. 13 because the company’s share price has stayed below $1 for 30 consecutive working days. Announcing the news on Dec. 14, Bitfarms said that it has an initial period of 180 calendar days to regain compliance with the requirements from Nasdaq. In order to regain compliance, Bitfarms’ shares should close at $1 per share for a minimum period of 10 consecutive days at any time before June 12, 2023. …
Bitcoin / Dec. 14, 2022
Riot Blockchain’s hashing capacity grew 460% in 2020: Report
According to its latest annual financial report, leading U.S.-based mining firm Riot Blockchain increased its hashing capacity by 460% and more than doubled the amount of Bitcoin held on its balance sheet in 2020. Riot saw a 78% growth in total mining revenues from $6.7 million to $12 million, owing to the increase in operational hash rate from 101 pentahashes per second, or PH/s, as of December 2019 to 566 PH/s as of December 31. While the company said it achieved profitability in the fourth quarter with $3.9 million in net income on a GAAP basis, Riot posted an overall …
Business / April 1, 2021
Crypto miner Hut 8 surpassed 5K Bitcoin held in reserves
In its third-quarter earnings release, Canadian cryptocurrency miner Hut8 announced that it surpassed its goal set earlier this year of holding 5,000 Bitcoins (BTC) in reserves through mining. Its Bitcoin balance now amounts to 5,053, for a total market value of $430 million. During the quarter, Hut 8 generated 50.34 million Canadian dollars (CA$) in revenue and CA$23.37 million in net income, up from CA$5.75 million in revenue and a loss of CA$0.90 million in the prior year's quarter. The company hosts a sizable fleet of Application-Specific Integrated Circuit, or ASIC, machines used for Bitcoin mining. In addition, it deploys …
Technology / Nov. 11, 2021
Crypto miner PrimeBlock reportedly plans to go public through 10X Capital merger
Prime Blockchain, also known as PrimeBlock, is reportedly preparing for a public offering in the United States through a special-purpose acquisition company, or SPAC. In a Thursday report, Bloomberg said Bitcoin (BTC) mining firm PrimeBlock is currently discussing going public in the U.S. through a merger with 10X Capital Venture Acquisition Corp II. Though the terms of the deal are reportedly not yet finalized, the merger could result in a valuation of the two firms at roughly $1.5 billion following a $150 million fundraising round from the venture capital firm. A crypto mining company based in the United States, PrimeBlock …
United States / Nov. 18, 2021