Hut 8 Second-Quarter Revenue Climbs Fourfold

The company predicted it will mine as many as 22 bitcoins a day in the fourth quarter as new machines are deployed.

AccessTimeIconAug 12, 2021 at 11:17 a.m. UTC
Updated May 9, 2023 at 3:22 a.m. UTC

Canadian crypto-mining company Hut 8 Mining said second-quarter revenue almost quadrupled to C$33.5 million (US$27 million) from the year before.

  • Operating profit tripled to C$8.1 million ($6.5 million), the company said in a release.
  • The company predicted it will mine as many as 22 bitcoins a day in the fourth quarter as new machines are deployed, and forecast daily production of 14-16 bitcoins a day in the third quarter, according to a presentation on its website.
  • By the end the year, it estimated it will have 144 MW of power available for mining. That will grow 45% to 209 MW by the end of 2022.
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  • UPDATE (AUG. 12, 11:40 UTC): Rewrites headline to reflect earnings release, adds revenue, operating profit.

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