Business
Hut 8 Reports Operating and Financial Results for Q1 2022
Strong quarterly revenue of $53.3 millionBitcoin holdings increased 17% to 6,460Adjusted EBITDA(i) of $27.1 millionHigh performance computing business
About this update from Hut 8 Corp.
[{"type":"text","content":"Strong quarterly revenue of $53.3 millionBitcoin holdings increased 17% to 6,460Adjusted EBITDA(i) of $27.1 millionHigh performance computing business delivered solid financial results\nTORONTO, May 12, 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 quarter ended March 31, 2022. All dollar figures are in Canadian Dollars (\"CAD\"), unless otherwise stated.\n\n \n \n \n \n \n \n\n \n\"We made measurable progress in the first quarter of 2022, significantly advancing our diversification strategy by completing the acquisition of five data centres and cementing our role as the only digital asset mining company that is delivering the high performance computing infrastructure to support companies in the blockchain and Web 3.0 spaces,\" said Jaime Leverton, CEO of Hut 8. \"Thanks to our leadership role in the digital asset mining industry backed by our HODL strategy, we are uniquely positioned to seize opportunities in this burgeoning industry as they arise.\"\n\"Our mining operations, thanks in large part to the installation of nearly 9,600 new MicroBT miners, continued to deliver strong results during the first quarter,\" said Shane Downey, CFO of Hut 8. \"We realized strong revenue and profitability while advancing our HODL strategy, and are confident that we have the fundamentals in place to serve us for the long term.\"\nQ1 2022 HIGHLIGHTSRevenue increased 67% to $53.3 million during the quarter ended March 31, 2021, with our self-mining operations generating $49.3 million of revenue on 942 Bitcoin mined.The Company installed 9,592 new MicroBT M30S, M30S+, and M31S+ miners at the Drumheller and Medicine Hat facilities in Alberta. The installation of these miners brought the Company's operating capacity to 2.54 EH/s, an increase of 27% from December 31, 2021.The acquisition of TeraGo Inc.'s cloud services and colocation data centre business was completed on January 31, 2022, establishing the Company as a leader in high performance computing, with five data centres across Ontario and British Columbia and approximately 400 commercial customers. The high performance computing operation currently contri...