Hut 8, a crypto mining firm, confirms record holding

Hut 8, a cryptocurrency mining and blockchain infrastructure company focused on mining bitcoin that is based in Canada, has confirmed record revenue from mining as per a recent post from the firm. However, there were some negative aspects from the report as well as the overall earnings of the company dumped. 

Hut 8 is a popular company in the world of blockchain and with Bitcoin and other crypto-based mining activities gaining popularity recently, the entire world seems to have started to jump on the mining bandwagon. As a result, TheCoinRise noted that the Bitcoin network difficulty rose to an all-time high in Feb 2022 which might have affected firms like Hut 8.

Hut 8 earnings

As per the report from Hut 8, the company’s holdings went up by a whopping 100% in the year 2021 which is a huge deal for any crypto mining firm. 

Jaime Leverton, CEO of the company commented on this growth and said that “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.”

Mixed results

Although Hut 8 benefitted from the mining of cryptocurrencies, it reported a loss of $0.53 per share by the end of 2021 in the 4th quarter. Moreover, the revenues moved to 45.69 million USD in the 4th quarter of 2021 from 10.25 million USD a year ago. Overall, for the entire year of 2021, the firm reported a loss of nearly $0.43 per share.

It is important to note that the Hut 8 stock has been following the price trajectory of Bitcoin as the shares peaked in November when BTC reached ATH.