{"id":75297,"date":"2023-03-09T17:34:39","date_gmt":"2023-03-09T15:34:39","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=75297"},"modified":"2025-09-10T10:47:35","modified_gmt":"2025-09-10T07:47:35","slug":"hut-8-reports-annual-revenue-of-109-million-and-growth-in-bitcoin-mining","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/hut-8-reports-annual-revenue-of-109-million-and-growth-in-bitcoin-mining\/","title":{"rendered":"Hut 8 reports annual revenue of $109 million and growth in Bitcoin mining"},"content":{"rendered":"<p>In 2022, the mining company Hut 8 Mining generated revenue of CAD 150.7 million (<span data-descr=\"Canadian dollar\" class=\"old_tooltip\">CAD<\/span> ($109 million). Compared with the previous period, the figure declined by CAD 23.1 million amid a rise in Bitcoin mining.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">This morning, we released our 2022 year-end and Q4 financial results:<br \/>\u2022$150.7M in annual revenue<br \/>\u2022BTC holdings \u2b06\ufe0f 64.7% <br \/>? Thanks to all our shareholders for your continued support.<br \/>Read more below ? <a href=\"https:\/\/t.co\/R16AuDLHHS\">https:\/\/t.co\/R16AuDLHHS<\/a><\/p>\n<p>\u2014 Hut 8 (@Hut8Mining) <a href=\"https:\/\/twitter.com\/Hut8Mining\/status\/1633823882221068289?ref_src=twsrc%5Etfw\">March 9, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The firm mined 3,568 BTC \u2014 up 28% from 2021. The volume of cryptocurrency reserves rose to 9,086 BTC \u2014 up 64.7%.<\/p>\n<p>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+.<\/p>\n<p>By the end of 2022, Hut 8&#8217;s hash power stood at 2.5 EH\/s. The metric excludes the hash rate of the <a href=\"https:\/\/forklog.com\/en\/news\/hut-8-buys-nvidia-cmp-mining-gpus-for-30-million\">GPU fleet<\/a> and the facility in North Bay (Ontario). Since January 2023, the company <a href=\"https:\/\/forklog.com\/en\/news\/hut-8-mining-sues-electricity-provider\">is engaged in litigation<\/a> with a local electricity provider that halted deliveries amid alleged non-payment.<\/p>\n<p>In February, Hut 8 and US Bitcoin <a href=\"https:\/\/forklog.com\/en\/news\/hut-8-and-us-bitcoin-to-merge-into-new-hut-8-corp\">announced a merger<\/a> 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.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;While 2022 was a challenging year for the industry, we achieved solid results thanks to our team&#8217;s drive for operational excellence, business diversification and a strong growth framework,&#8221; said Jamie Leverton, the company\\&#8217;s CEO.<\/p>\n<\/blockquote>\n<p>Hut 8&#8217;s High-Performance Computing division generated CAD 16.9 million in annual revenue, the firm noted, describing these as steady monthly inflows.<\/p>\n<p>In January, Hut 8 mined 188 BTC and <a href=\"https:\/\/forklog.com\/en\/news\/hut-8-raises-bitcoin-reserves-to-9274-btc\">increased the reserves to 9,274 BTC<\/a>. However the company warned that it would sell all the cryptocurrency mined in the month to fund operating expenses in connection with the merger.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2022, Hut 8 Mining generated revenue of CAD 150.7 million ($109 million). Compared with the previous period, the figure declined by CAD 23.1 million amid higher Bitcoin mining.<\/p>\n","protected":false},"author":1,"featured_media":75298,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1136],"class_list":["post-75297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-hut-8"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=75297"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75297\/revisions"}],"predecessor-version":[{"id":75299,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75297\/revisions\/75299"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/75298"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=75297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=75297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=75297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}