Bitcoin Mining Company Reports Generating Almost CA$174M in Revenue Last Year

Bitcoin Mining Company Reports Generating Almost CA$174M in Revenue Last Year

Canada-based crypto mining firm Hut 8 has revealed its total asset holdings from mining operations until December 31st, 2021.

Based on the official report by Hut 8, the mining corporation has generated CA$173.8M and mined 2,786 units of Bitcoin until the end of 2021. The total revenue mostly came from the mining operations, but a small portion of the funds was generated from the company’s hosting services.

CFO of Hut 8 Shane Downey spoke on the successful year for its Bitcoin mining operations, stating:

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"Achieving sizable improvement across key financial and operating metrics in fiscal 2021, we delivered record-breaking results for our shareholders. We continue to have one of the largest self-mined Bitcoin reserves in the world, currently holding more than 6,200 Bitcoin, and look forward to driving operating efficiencies at our mining sites by deploying next-generation miners."

Back in June of 2021, Hut 8 became the first cryptocurrency mining company to be listed on the Nasdaq Stock Exchange under the ticker HUT, currently at approximately $5.30 per share.

At the end of 2021, the company had an estimated market value of CA$323.9M, with 5,518 Bitcoin in its possession. It became the first digital asset mining firm to be listed in Toronto’s S&P TSX index and has been HODLing its mined BTC as a part of the company’s strategy.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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