Hut 8 Achieves Third Consecutive Record-Breaking Quarterly Revenue in Q3-2021; Surpasses 5,000 Bitcoin Held in Reserve

Time:2022-01-08 Source: 641 views Trending Copy share

Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) ("Hut 8" or the "Company"), one of North America's largest, innovation-focused digital assets mining pioneers, supporting open and decentralized systems since 2018, is pleased to announce its financial results for the quarter ending September 30, 2021 ("Q3-2021"). All dollar figures are in Canadian Dollars ("CAD"), unless otherwise stated.

"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%."


Hut 8 currently has an installed hashrate of approximately 1.7 EH/s, which includes the converted hashrate from our fleet of NVIDIA GPUs.

Our total current and contracted capacity stands at approximately 4.5 EH/s, which includes the converted hashrate from our fleet of NVIDIA GPUs.


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.


Third consecutive record quarterly revenue, hitting $50.3 million in Q3-2021, with our self-mining operations generating $47.9 million of revenue and our expanded hosting service generating $2.4 million. We mined 905 Bitcoin in Q3-2021, all of which was added to our self-mined Bitcoin balance.

As of November 10, 2021, the entire fleet of high-performance NVIDIA chips has been received at Hut 8's site in Medicine Hat, Alberta, and 91% of the servers have been installed and powered up, with full deployment expected in the next week. The addition of the NVIDIA GPUs serves to increase Hut 8's aggregate operating rate by approximately 1,600 Gigahash, which based on current network dynamics, equates to an ASIC hashrate of approximately 325 PH/s. The Company has deployed the NVIDIA GPUs to mine the Ethereum network via Luxor pool, and consistent with our HODL strategy, is receiving payouts in Bitcoin. Based on current mining economics this equates to approximately 1.8 – 2.0 Bitcoin per day, with an average cost to mine each Bitcoin of less than $3,000, making this NVIDIA GPU fleet the most profitable portion of Hut 8's self-mining operation.

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