Business
Hut 8 Achieves Second Consecutive Record-Level Quarterly Revenue in Q2-2021
TORONTO, Aug. 12, 2021 /PRNewswire/ - Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) ("Hut 8" or the "Company"), one of North America's largest,
About this update from Hut 8 Corp.
[{"type":"text","content":"TORONTO, Aug. 12, 2021 /PRNewswire/ - Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (\"Hut 8\" or the \"Company\"), one of North America's largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, is pleased to announce its financial results for the quarter ending June 30, 2021 (\"Q2-2021\"). All dollar figures are in Canadian Dollars (\"CAD\"), unless otherwise stated.\n\n \n \n \n \n \n \n\n \nBITCOIN INVENTORY AND VALUE\nHut 8 continues to strategically emphasize its \"hodl\" strategy, taking active steps to generate Canadian and US dollars to help fund operating expenses, so as to avoid selling Bitcoin. During Q2-2021, 100% of self- mined Bitcoin was deposited into custody. As of June 30, 2021, the Company had a total Bitcoin balance of 3,824 with a market value of $166 million. Hut 8's current Bitcoin balance, including 2,000 Bitcoin loaned as part of the Company's fiat yield strategy, is approximately 4,240 Bitcoin, reflecting a market value of approximately $245 million.\nHASHRATE AND COMPUTE POWER\nHut 8 currently has an installed hashrate of 1.37 exahash (\"E/H\"). Given pending orders, we have additional contracted hashrate of 1.3 E/H (including 1,600 gigahash equivalent), bringing contracted hashrate to approximately 2.7 E/H.\nBased on current network dynamics, we anticipate daily settlement once all contracted equipment is hashing will equate to 20 – 25 Bitcoin per day.\nQ2-2021 HIGHLIGHTS\nSecond consecutive record quarterly revenue, hitting $33.5 million in Q2-2021, with our self-mining operations generating $31.4 million of revenue and our expanded hosting service generating $2.2 million. We mined 553 Bitcoin in Q2-2021, all of which was added to our self-mined Bitcoin balance.Successfully became the first Canadian digital asset miner to list its common shares on the Nasdaq stock exchange (\"Nasdaq\"). Further, Hut 8 is the only TSX-listed miner to achieve listing on The Nasdaq Global Select Market, which has the highest initial financial and liquidity requirements of any Nasdaq market tier. This achievement gives the Company access to a substantially increased pool of investors, both for purposes of future capital raises and providing improved liquidity to current and future shareholders.Hut 8 closed a public offering on June 15, 2021, raising gross proceeds of...