In 2021, the revenue of the Canadian publicly listed mining company Hut 8 Mining reached a record CAD 173.8 million (~$137.7 million). This was up 327% from the previous year.
HUT 8 FISCAL Q4 2021 RESULTS⚡️⚡️:
-Achieved record-breaking annual revenue of $173.8 million🚀
-Increased Bitcoin holdings by 100% in 2021🚀
-Adjusted EBIDTA increased to $96.6 million🚀#BTC #HodlTheHuthttps://t.co/cJbiRJ64CP— Hut 8 Mining (@Hut8Mining) March 17, 2022
The primary source of the firm’s revenue was mining operations, with hosting services contributing about $6.65 million.
Over the 12 months, the firm mined 2,786 BTC, including coins earned from mining Ethereum. Hut 8 noted that production momentum was maintained at 2,798 BTC in the prior year, despite a substantial rise in mining difficulty.
As of December 31, the company’s equipment was generating a hashrate of 2 EH/s.
During the year, Hut 8 purchased 31,912 miners—Whatsminer M30S, M30S+, M30S++, and M31S+—from MicroBT. 10,000 of them are expected to be delivered in 2022 in several shipments.
As of the report’s publication, the company’s hashrate stood at 2.5 EH/s. Following the deployment of all ordered equipment, the figure is expected to reach 3.55 EH/s.
Hut 8 reported that in the past year, the average cost to produce 1 BTC was $17,507, against a market price of $47,029.
Among the period’s notable milestones, the company noted that it was the first among Canadian miners:
- went public on Nasdaq (July 15);
- was added to the S&P/TSX Composite Index (December 3).
“2021 was truly a year of transformation for Hut 8, augmented by substantial growth. We became the only North American company mining both leading digital assets, underpinned by our traditional infrastructure business supporting companies in Web 3.0 and the metaverses,” said the firm’s CEO Jamie Leverton.
As part of its corporate strategy for the year, Hut 8 increased its held cryptocurrency to 5,518 BTC, including 2,000 BTC loaned.
Analysts at Arcane Research forecast that in 2022 Canadian and U.S. public mining companies will increase their share of the market and the amount of bitcoin on their balance sheets.