Hut 8 reports annual revenue decline, increase in mined bitcoins


North American crypto miner Hut 8 reported annual income of CA$150.7 million ($109 million) — a lower of CA$23.1 million in comparison with the earlier yr — and a 65% improve in bitcoin holdings.

Hut 8 mined 3,568 bitcoins final yr — a rise of 28% over 2021, which it attributed to a rise in hash price ensuing from its fleet enlargement.

“Whereas 2022 was a difficult time for your entire business, we fared nicely because of our staff’s dedication to operational excellence, our diversified traces of enterprise and our sturdy development profile,” CEO Jaime Leverton mentioned in an announcement.

“As we glance forward, we are going to proceed to uphold these working rules as we work to shut our enterprise mixture with USBTC and start working as a U.S.-domiciled, digital asset mining, internet hosting, managed infrastructure operations and excessive efficiency computing group,” she added.

Final month, Hut 8 introduced a merger with US Bitcoin (USBTC) to type Hut 8 Corp., which can be based mostly in the US. It additionally filed an announcement of declare within the Superior Courtroom of Justice of Ontario towards Validus Energy Corp. and its subsidiary, Bay Energy Corp., the third-party vitality provider to Hut 8’s facility in North Bay, Ontario, the month prior.

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