Business
Hut 8 Reports Operating and Financial Results for Q1 2023
Quarterly revenue of $19.0 million including $4.5 million from the high performance computing business 9,133 self-mined Bitcoin held in custody on March 31
About this update from Hut 8 Corp.
[{"type":"text","content":"Quarterly revenue of $19.0 million including $4.5 million from the high performance computing business\n9,133 self-mined Bitcoin held in custody on March 31\nTORONTO, May 11, 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 quarter ended March 31, 2023 (\"Q1 2023\"). All dollar figures are in Canadian Dollars (\"CAD\"), unless otherwise stated.\n\n \n \n \n \n \n \n\n \n\"In early 2023, we experienced a confluence of events: electrical issues at our Drumheller site caused equipment failures, while fluctuating energy prices and increased network difficulty affected our mining operations,\" said Jaime Leverton, CEO of Hut 8. \"We also reached an all-time operational high of 1.72 EH/s at our Medicine Hat facility and announced a merger of equals with USBTC, and since then have made progress on key regulatory files required to complete the transaction.\"\n\"We continued to strategically manage our finances in Q1 while addressing challenges at the Drumheller site,\" said Shenif Visram, CFO. \"Although we continue to see good client demand in our high performance computing business, the issues on the mining side of the business reflect a decrease in revenue and Bitcoin mined, which the entire leadership and operations team is proactively working to resolve.\"\n\"Leading up to the halving, we will continue to focus on strategically increasing our stack of Bitcoin and growing our HPC business including exploring opportunities in the growing Artificial Intelligence market,\" said Jaime. \"We expect that our proposed business combination with USBTC will increase our installed self-mining hashrate to 7.02 EH/s, enhance our geographic reach into new energy markets, and further diversify our lines of business with capex-light, scalable, fiat-based revenue streams, positively distinguishing us from pureplay digital asset miners, who post-halving, are likely to have more exposure to diminishing returns driven by an increasing global hashrate and additional competition from sovereign nations and well-funded new entrants.\"\nQ1 2023 HIGHLIGHTS\nRevenue decreased by $34.3 million to $19.0 million during the quart...