Hut 8 Reports 28.1% Increase In Bitcoin Mining In 2022

Key Points:

• Hut 8 reported $150.7 million in yearly sales, a decrease from 2021.
• Last year, the company mined 3,568 Bitcoins, a 28.1% increase over 2021.
• The company’s high-performance computing activities generated $16.9 million in revenue in 2022.

Hut 8, a cryptocurrency mining company, announced its financial results for the fiscal year and quarter ending December 31, 2022, reporting a decrease from $23.1 million to $150.7 million for the year.

Hut 8 mined 3,568 Bitcoin in 2022, a 28.1% increase over 2021 owing to an increase in hashrate from the company’s fleet growth and mining activity. 100% of self-mined Bitcoin was put into custody during the fourth quarter of 2022.

Jaime Leverton, CEO of the company, said in a statement:

“While 2022 was a challenging time for the entire industry, we fared well thanks to our team’s commitment to operational excellence, our diversified lines of business, and our strong growth profile. As we look ahead, we will continue to uphold these operating principles as we work to close our business combination with USBTC and begin operating as a US-domiciled, digital asset mining, hosting, managed infrastructure operations, and high-performance computing organization.”

In 2022, Hut 8’s high-performance computing operations produced $16.9 million in revenue, with the bulk of it coming from monthly recurring fees.

Hut 8 presently has an installed hashrate of around 2.5 EH/s, excluding the Company’s North Bay plant, which is not operational as of March 9, 2023.

The company has a total self-mined, unencumbered, and held-in-custody Bitcoin balance of 9,086 with a market value of $203.6 million as of December 31, 2022.

Hut 8 and US Bitcoin announced last month that their respective boards of directors had unanimously authorized a comprehensive business combination agreement under which the firms would unite in an all-stock merger of equals. Hut 8 Corp. will be the united company’s name.

After the purchase, the New Hut company would allegedly have access to six facilities totaling around 825 megawatts for use in crypto mining and other activities. This will include five sites in New York, Texas, and Alberta, Canada, with a self-mining capacity of 5.6 exahashes per second (EH/s).

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Harold

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