Hut 8 reports annual revenue of $109 million and growth in Bitcoin mining

In 2022, the mining company Hut 8 Mining generated revenue of CAD 150.7 million (CAD ($109 million). Compared with the previous period, the figure declined by CAD 23.1 million amid a rise in Bitcoin mining.

This morning, we released our 2022 year-end and Q4 financial results:
•$150.7M in annual revenue
•BTC holdings ⬆️ 64.7%
? Thanks to all our shareholders for your continued support.
Read more below ? https://t.co/R16AuDLHHS

— Hut 8 (@Hut8Mining) March 9, 2023

The firm mined 3,568 BTC — up 28% from 2021. The volume of cryptocurrency reserves rose to 9,086 BTC — up 64.7%.

The company attributed the growth in mining to an expanded equipment fleet and a higher hash rate. Over the year Hut 8 received and deployed in three of its own data centres 21,455 new ASIC miners from MicroBT models Whatsminer M30S, M30S+, M30S++ and M31S+.

By the end of 2022, Hut 8’s hash power stood at 2.5 EH/s. The metric excludes the hash rate of the GPU fleet and the facility in North Bay (Ontario). Since January 2023, the company is engaged in litigation with a local electricity provider that halted deliveries amid alleged non-payment.

In February, Hut 8 and US Bitcoin announced a merger on parity terms. It is expected that the combined entity, named Hut 8 Corp, will have a hash rate of 5.6 EH/s across six mining centres.

“While 2022 was a challenging year for the industry, we achieved solid results thanks to our team’s drive for operational excellence, business diversification and a strong growth framework,” said Jamie Leverton, the company\’s CEO.

Hut 8’s High-Performance Computing division generated CAD 16.9 million in annual revenue, the firm noted, describing these as steady monthly inflows.

In January, Hut 8 mined 188 BTC and increased the reserves to 9,274 BTC. However the company warned that it would sell all the cryptocurrency mined in the month to fund operating expenses in connection with the merger.