forklog.com
12 May 2022 13:44, UTC.
Reading time: ~2 m
In the first quarter of 2022, Canadian mining company Hut 8 Mining had revenue of 53.3 million CAD (~$40.9 million). The 942 BTC mined during the period brought the firm 49.3 CAD (~$37.8 million) of the total.
In addition to its mining operations, Hut 8 generated revenue from hosting services (~$0.6 million) and high-performance computing services (~$2.5 million) in January-March.
The firm’s combined revenues for the quarter were up 67% over the same period last year.
The company deployed 9,592 new miners from MicroBT (Whatsminer M30S, M30S+ and M31S+) at facilities in Drumheller and Medicine Hut, Alberta. This increased own hash rate to 2.54 EH/s as of March 31. The increase since the beginning of the year is 27%.
Check out our new Whatsminers in Drumheller, Alberta working hard this past weekend 💪 pic.twitter.com/0F5Dtid3k4
– Hut 8 Mining (@Hut8Mining) May 9, 2022
“Our mining operations, thanks in large part to the installation of nearly 9,600 new MicroBT miners, delivered strong results during the first quarter, and we are confident that we have a foundation for the long term,” said Hut 8 CFO Shane Downey.
The company noted that in the first quarter of 2021, the cost of mining 1 BTC was about $25,900, compared to about $18,000 in the reporting period. The decrease was achieved by switching to a more efficient fleet of equipment, Hut 8 said.
Compared to the previous quarter, the company almost halved its hosting revenue (from ~$1.07 million). Hut 8 attributed this to the fact that it bought equipment from several clients for self-mining.
In April, the firm continued this policy and entered into an agreement to buy 960 Whatsminer M31S+ miners from TAAL, installed in a data center in Medisin Hut.
According to a press release, Hut 8 entered the high-performance computing business during the quarter. The company praised the unit’s financial results. The firm expects to increase the share of revenue from this area to 35%-40% in the long term.
As a reminder, Hut 8 mined a total of 2,786 BTC in 2021, growing revenue by 327%.
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