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

Canadian cryptocurrency miner Hut 8 posted blended monetary outcomes on Thursday, as income and mining profitability soared whereas general web revenue declined — underscoring a unstable finish to the 12 months for Bitcoin (BTC) and the broader digital asset market. 

The Toronto-based firm, which trades publicly on the Nasdaq and TSX, saw its revenues surge to $45.69 million ($57.901 million CAD) within the fourth quarter of 2021, up from $10.25 million ($12.986 million CAD) the 12 months earlier than. Full-year revenues had been $137.1 million, up 326% in contrast with 2020.

Regardless of producing a big revenue from mining actions, the corporate posted an general lack of $0.53 ($0.67 CAD) per share within the fourth quarter. Losses amounted to $0.43 ($0.54 CAD) per share in all of 2021.

Shares of Hut 8, which commerce beneath the ticker image HUT, fluctuated inside a slender vary on Thursday. The inventory was final seen buying and selling at $5.23, according to TradingView information.

Over the previous 12 months, HUT has behaved very very like a crypto proxy inventory as its actions have been strongly correlated with Bitcoin and the broader digital asset market. HUT peaked close to $16 in early November simply as Bitcoin printed a brand new all-time excessive north of $69,000.

Hut 8’s share value surged within the fourth quarter of 2021, suggesting sturdy correlation with Bitcoin. Supply: TradingView

Associated: Bitcoin faces new ‘milestone’ in 2022 as new forecast predicts BTC value ‘within the hundreds of thousands’

In its quarterly earnings report, Hut 8 disclosed that it had mined 2,786 BTC in 2021, bringing its complete holdings to greater than 6,200 BTC. Its Bitcoin reserves at the moment are value over $254 million at present costs.

Solely 5 different publicly traded firms hold extra BTC than the Canadian miner: MicroStrategy, Tesla, Marathon Digital Holdings and Block (previously Sq.).

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