Hut 8 Posts Revenues of $50.3 Million in Q3 2021

Hut 8, one of North America's largest, innovation-focused crypto mining firms, has posted its financial results for the third quarter of 2021. The company reported revenues of $50.3 million in Q3 2021.

"The third quarter of 2021 proved to be another exciting and dynamic step forward for Hut 8," commented Shane Downey, Chief Financial Officer of the Company. "We are thrilled to have reported our third consecutive record-breaking quarterly results and to have already surpassed our goal of 5,000 Bitcoin held in reserve. Further, we have achieved an important milestone with final delivery of all 10,000 NVIDIA chips. Throughout early weeks of operation, these cutting-edge GPUs have proven to be highly efficient, mining at a total cost of under $3,000 per Bitcoin, delivering margins of approximately 95%."

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The mining company now holds over 5,000 BTC. During Q3 2021, Hut 8 mined a total of 905 Bitcoin. In comparison with Q3 2020, Hut 8 posted strong growth in its mining capacity. In Q3 2020, the company mined 372 BTC compared to 905 BTC in the third quarter of 2021.

As of September 30, 2021, the Company had a total Bitcoin balance of 4,729 with a market value of $263.8 million. Hut 8's Bitcoin balance as of November 10, 2021, including 2,000 Bitcoin loaned as part of the Company's fiat yield strategy, is approximately 5,053 Bitcoin, reflecting a market value of approximately $430 million. Hut 8 continues to strategically emphasize its "HODL" strategy, taking active steps to generate Canadian and US dollars to help fund operating expenses, so as to avoid selling Bitcoin. During Q3-2021, 100% of self-mined Bitcoin was deposited into custody.