Bitcoin miner Hut 8 reports C$53.3 million in Q1 2022 revenues after increasing hardware fleet

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Bitcoin miner Hut 8 reported revenues of C$53.3 million and a web earnings of C$55,708 within the first quarter of 2022.
The Toronto-based firm stated that the deployment of 9,592 new MicroBT miners helped them ship “sturdy outcomes” throughout the first three months of the 12 months, in an announcement on Thursday.
Nonetheless, they had been “partially offset by a lower in common Bitcoin worth,” per that assertion.
“We realized sturdy income and profitability whereas advancing our HODL technique, and are assured that we’ve got the basics in place to serve us for the long run,” stated Hut 8 CFO Jaime Leverton.
The brand new miners introduced the corporate’s hash charge as much as 2.54 exahash per second (EH/s) — up 27% from the top of 2021. On the finish of the quarter, it held a complete of 6,460 BTC.
Revenues from internet hosting shoppers declined from $1.4 million within the prior 12 months’s quarter to $0.8 million, as the corporate superior its technique to maneuver away from internet hosting.
As of Could 1, Hut 8 turned absolutely centered on self-mining, after shopping for all 960 Whatsminer M31S+ machines from a internet hosting consumer.
Hut 8’s common price of mining every bitcoin was roughly $18,000, down from $25,900 in the identical interval final 12 months. This was principally a results of putting in a “bigger and considerably extra environment friendly fleet of mining tools,” the corporate acknowledged.
As of publication time, the corporate was up about 1.2% on the Toronto Inventory Trade, buying and selling at C$3.20