Business
Hut 8 Reports Operating and Financial Results for 2022
Strong annual revenue of $150.7 million including $16.9 million from the high performance computing business Bitcoin holdings increased 64.7% in 2022 to 9,086
About this update from Hut 8 Corp.
[{"type":"text","content":"Strong annual revenue of $150.7 million including $16.9 million from the high performance computing business\nBitcoin holdings increased 64.7% in 2022 to 9,086 at year end\nAchieved Adjusted EBITDA of $32.0 million in 2022\nTORONTO, March 9, 2023 /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, and high performance computing infrastructure provider, is pleased to announce its financial results for the year and quarter ended December 31, 2022. All dollar figures are in Canadian Dollars (\"CAD\"), unless otherwise stated.\n\n \n \n \n \n \n \n\n \n\"While 2022 was a challenging time for the entire industry, we fared well thanks to our team's commitment to operational excellence, our diversified lines of business, and our strong growth profile,\" said Jaime Leverton, CEO. \"As we look ahead, we will continue to uphold these operating principles as we work to close our business combination with USBTC and begin operating as a US-domiciled, digital asset mining, hosting, managed infrastructure operations, and high performance computing organization.\"\n\"We continued to fastidiously manage our finances through Q4, which allowed us to navigate sustained Bitcoin price suppression, fluctuating power prices, and increased network difficulty,\" said Shenif Visram, CFO. \"As a result, we increased our mining production by more than 28% year over year, and increased our fiat revenues by $16.9 million with the addition of our high performance computing business.\"\n2022 HIGHLIGHTS\nRevenue decreased by $23.1 million to $150.7 million during the year ended December 31, 2022 compared to $173.8 million during the year ended December 31, 2021.The Company mined 3,568 Bitcoin in 2022, a 28.1% increase compared to 2021 due to an increase in hashrate from the expansion of the Company's fleet of miners and mining activities.Hut 8's high performance computing operations generated $16.9 million of revenue in 2022, the majority of which is monthly recurring revenue.The Company installed an aggregate of 21,455 new MicroBT M30S, M30S+, M30S++ and M31S+ miners at its three mining sites during the year ended December 31, 2022. The installation of these miners brought Hut 8's installed hashrate to 2.5 EH/s (excluding the Company's North ...