Hut 8 Mining Registers 67% Revenue Growth In Q1

  • Hut 8 Mining Corp HUT HUT reported first-quarter FY22 revenue growth of 67% year-on-year to C$53.3 million. EPS was C$0.31.
  • Hut 8 currently has an installed hash rate of 2.54 EH/s, up 27% from December 31.
  • As of March 31, Hut 8 had a total Bitcoin balance of 6,460 with a market value of C$367.6 million, including 4,460 held in custody and 2,000 held under lending arrangements.
  • Hut 8 held C$78.5 million in cash and equivalents.
  • "We made measurable progress in the first quarter of 2022, significantly advancing our diversification strategy by completing the acquisition of five data centers and cementing our role as the only digital asset mining company that is delivering the high-performance computing infrastructure to support companies in the blockchain and Web 3.0 spaces," said Jaime Leverton, CEO.
  • Price Action: HUT shares traded higher by 4.14% at $2.54 on the last check Thursday.

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