Business
Hut 8 Reports Operating and Financial Results for 2021
Achieves record-breaking annual revenue of $173.8 million Increases Bitcoin holdings 100% in 2021 to 5,518 2021 Adjusted EBITDA increased to $96.6 million
About this update from Hut 8 Corp.
[{"type":"text","content":"Achieves record-breaking annual revenue of $173.8 million\nIncreases Bitcoin holdings 100% in 2021 to 5,518\n2021 Adjusted EBITDA increased to $96.6 million\n TORONTO, March 17, 2022 /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 year ended December 31, 2021. All dollar figures are in Canadian Dollars (\"CAD\"), unless otherwise stated. \n\n \n \n \n \n \n \n\n \n\"2021 was truly a transformational year at Hut 8, complemented by considerable growth,\" said Jaime Leverton, CEO of Hut 8. \"In pursuing a diversified strategy, we have differentiated ourselves from our peer group and in doing so, have become the only company in North America to both mine digital assets while building on our traditional infrastructure business to support companies in Web 3.0 and the Metaverse.\"\n\"Achieving sizable improvement across key financial and operating metrics in fiscal 2021, we delivered record breaking results for our shareholders,\" said Shane Downey, CFO of Hut 8. \"We continue to have one of the largest self-mined Bitcoin reserves in the world, currently holding more than 6,200 Bitcoin, and look forward to driving operating efficiencies at our mining sites by deploying next-generation miners.\"\n2021 HIGHLIGHTS\nRecord-breaking revenue of $173.8 million during the year ended December 31, 2021, with our self-mining operations generating $165.4 million of revenue and our expanded hosting service generating $8.4 million. We mined 2,786 Bitcoin in 2021.The Company was the first Canadian digital asset miner to list its common shares on the Nasdaq stock exchange (\"Nasdaq\"), on June 15, 2021.On December 3, 2021, Hut 8 was the first in its industry to be added to the S&P TSX index.The Company purchased an aggregate of 31,912 MicroBT Whatsminers throughout 2021, including M30S, M30S+, M30S++, and M31S+ miners. We expect that the approximately 10,000 miners not yet received will be shipped in regular intervals throughout 2022. On December 30, 2021, the Company entered into a $38.3 million (US$30 million) senior secured equipment financing term loan with Trinity Capital Inc (\"Trinity\"). The equipment financing prov...