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Hut 8 Second-Quarter Revenue Climbs Fourfold
The company predicted it will mine as many as 22 bitcoins a day in the fourth quarter as new machines are deployed.
Updated May 9, 2023, 3:22 a.m. Published Aug 12, 2021, 11:17 a.m.
Canadian crypto-mining company Hut 8 Mining said second-quarter revenue almost quadrupled to C$33.5 million (US$27 million) from the year before.
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- Operating profit tripled to C$8.1 million ($6.5 million), the company said in a release.
- The company predicted it will mine as many as 22 bitcoins a day in the fourth quarter as new machines are deployed, and forecast daily production of 14-16 bitcoins a day in the third quarter, according to a presentation on its website.
- By the end the year, it estimated it will have 144 MW of power available for mining. That will grow 45% to 209 MW by the end of 2022.
Read more: Hut 8 Buys $44M Worth of Mining Machines to Double Its Hashrate
UPDATE (AUG. 12, 11:40 UTC): Rewrites headline to reflect earnings release, adds revenue, operating profit.
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