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Bitcoin miner Hut 8 reported revenues of C$53.3 million and a web earnings of C$55,708 within the first quarter of 2022.
The Toronto-based firm mentioned that the deployment of 9,592 new MicroBT miners helped them ship “sturdy outcomes” in the course of the first three months of the yr, in a press release on Thursday.
Nonetheless, they have been “partially offset by a lower in common Bitcoin value,” per that assertion.
“We realized sturdy income and profitability whereas advancing our HODL technique, and are assured that we’ve the basics in place to serve us for the long run,” mentioned Hut 8 CFO Jaime Leverton.
The brand new miners introduced the corporate’s hash fee as much as 2.54 exahash per second (EH/s) — up 27% from the top of 2021. On the finish of the quarter, it held a complete of 6,460 BTC.
Revenues from internet hosting purchasers declined from $1.4 million within the prior yr’s quarter to $0.8 million, as the corporate superior its technique to maneuver away from internet hosting.
As of Might 1, Hut 8 turned absolutely centered on self-mining, after shopping for all 960 Whatsminer M31S+ machines from a internet hosting consumer.
Hut 8’s common value of mining every bitcoin was roughly $18,000, down from $25,900 in the identical interval final yr. This was largely a results of putting in a “bigger and considerably extra environment friendly fleet of mining gear,” the corporate said.
As of publication time, the corporate was up about 1.2% on the Toronto Inventory Alternate, buying and selling at C$3.20