Hut 8′s Revenue Rose Over 700% in Q3, Beating Analyst Estimates

The Canadian crypto miner beat third quarter revenue and earnings estimates and held about $342 million in bitcoin.

By Aoyon Ashraf

Nov 11, 2021 at 1:48 p.m. UTC

Updated Nov 12, 2021 at 3:40 p.m. UTC

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Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

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Hut 8′s third quarter revenue was C$50.3 million ($40 million), rising about 767% from last year and beating the average analyst estimate of C$43.7 million ($34.8 million).

The Canadian cryptocurrency miner also reported adjusted earnings of C$0.15 ($0.12) per share for the third quarter, beating the average analyst estimate of C$0.13 ($0.10) per share, according to FactSet data.
Hut 8 deposited all of the self-mined bitcoin into custody during the third quarter and held 4,729 bitcoin for a market value of C$263.8 million ($342.1 million) as of Sept. 30, the company said in a statement.
Additionally, the company said its bitcoin balance as of Nov. 10, 2021, including 2,000 bitcoin loaned as part of the “fiat yield strategy,” is about 5,053 bitcoin, for a market value of about C$430 million ($342 million).
“We are thrilled to have reported our third consecutive record-breaking quarterly results and to have already surpassed our goal of 5,000 bitcoin held in reserve,” the company said in its statement.
The company also highlighted that it has received all of its high-performance Nvidia chips at its site in Medicine Hat, Alberta, and 91% of the servers have been installed and powered up, with full deployment expected in the next week.
The shares of the miner were up 7.2% in early U.S. trading on Wednesday, outperforming most of the crypto miners, while bitcoin was flat.
The miner is holding a conference call to discuss its earnings at 10 a.m. ET (15:00 UTC).

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Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

Follow @@Aoyon_A on Twitter

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Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

Follow @@Aoyon_A on Twitter