Crypto miner Hut 8 posts record revenue as BTC holdings increase 100%

Canadian crypto miner Hut 8 posted mixed financial results on Thursday, as revenue and mining profits skyrocketed while overall net income fell – underscoring a year-end. volatile for Bitcoin (BTC) and the broader digital asset market.

Toronto-based company, publicly traded on Nasdaq and TSX, see Its revenue grew to $45.69 million (C$57,901 million) in the fourth quarter of 2021, up from $10.25 million (C$12,986 million) the year before. Full-year revenue is 137.1 million USD, up 326% compared to 2020.

Despite generating large profits from its mining operations, the company posted an overall loss of $0.53 ($0.67) per share in the fourth quarter. The loss amounts to $0.43 ($0.54) per share for the whole of 2021.

Shares of Hut 8, trading under the symbol HUT, were in a narrow range on Thursday. Shares last traded at $5.23, according to to TradingView data.

Over the past 12 months, HUT has operated very similarly Cryptocurrency proxy securities as its movements are closely correlated with Bitcoin and the broader digital asset market. HUT peaked near $16 in early November like Bitcoin hits new all-time high north is $69,000.

Hut 8’s share price surged in Q4 2021, showing a strong correlation with Bitcoin. Source: TradingView

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In its quarterly earnings report, Hut 8 revealed that it mined 2,786 BTC in 2021, bringing its total holdings to over 6,200 BTC. Its Bitcoin reserves are now worth more than $254 million at current prices.

Only five other publicly traded companies organization more BTC than Canadian miners: MicroStrategy, Tesla, Marathon Digital Holdings and Block (formerly Square).