Coindesk Logo
FinanceFinanceFinance

Hut 8 Second-Quarter Revenue Climbs Fourfold

Hut 8 Second-Quarter Revenue Climbs Fourfold

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.

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

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

By Sheldon Reback
AccessTimeIconAug 12, 2021, 11:17 AM
Updated May 9, 2023, 3:22 AM
Crypto mining machines
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

STORY CONTINUES BELOW

Recommended for you:
Read more: Hut 8 Buys $44M Worth of Mining Machines to Double Its Hashrate

UPDATE (AUG. 12, 11:40 UTC): Rewrites headline to reflect earnings release, adds revenue, operating profit.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about
Bitcoin MiningHut 8 MiningEarnings