acryptoinvest.news
12 May 2022 22:21, UTC.
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Bitcoin miner Hut 8 reported revenue of C$53.3 million (C$) and net income of C$55,708 in the first quarter of 2022.
The Toronto-based company said the deployment of 9,592 new MicroBT miners helped them achieve “strong results” in the first three months of the year, according to a statement released Thursday.
However, according to the statement, they were “partially offset by a decline in the average bitcoin price.”
“We have achieved strong revenue and profitability by pushing our HODL strategy and are confident that we have the fundamentals to serve us well in the long run,” said Hut 8 CFO Jaime Leverton.
The new miners brought the company’s hashing rate to 2.54 exakhashes per second (EH/s), a 27% increase from the end of 2021. It had a total of 6,460 BTC at the end of the quarter.
Hosting customer revenue declined to $0.8 million from $1.4 million in the year-ago quarter as the company promoted its strategy to move away from hosting.
As of May 1, Hut 8 focused entirely on self-mining after buying all 960 Whatsminer M31S+ machines from a hosting customer.
“The average cost of mining each bitcoin at Hut 8 was about $18,000, up from $25,900 in the same period last year. This was mainly as a result of installing “a larger and significantly more efficient fleet of mining equipment,” the company stated.
At the time of publication, the company was up about 1.2% on the Toronto Stock Exchange, trading at C$3.20 per share.
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