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

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:

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is Polkadot in Crypto? (DOT Animated Explainer)

SUBSCRIBE

ON YOUTUBE

"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.