Hut 8 Mining Shares Pop Post Q3 Results

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  • Hut 8 Mining Corp HUT reported a third-quarter FY22 revenue decline of 37% year-on-year to CA$31.7 million. EPS loss was CA$(0.12).
  • Hut 8 has an installed hash rate of 3.07 EH/s, up 10% from June 30.
  • As of September 30, Hut 8 had a total Bitcoin balance of 8,388, up 13.3%.
  • Hut 8 held CA$33 million in cash and equivalents as of September 30.
  • CEO Jaime Leverton said, "With the largest self-mined unencumbered Bitcoin stack of any publicly traded company, we continue to mine at modest costs despite fluctuating power prices, increasing network difficulty, and sustained pressure on the price of Bitcoin."
  • CFO Shane Downey said, "Notably, we improved our mining capacity by 10% while reducing the average cost to mine each Bitcoin by 29% when compared to the second quarter of 2022." 
  • Price Action: HUT shares traded higher by 9.54% at $1.90 on the last check Thursday.
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