Hut 8′s Revenue Rose Over 700% in Q3, Beating Analyst Estimates

Hut 8′s Revenue Rose Over 700% in Q3, Beating Analyst Estimates

Hut 8′s third quarter income was C$50.3 million ($40 million), rising about 767% from final yr and beating the typical analyst estimate of C$43.7 million ($34.8 million).

  • The Canadian cryptocurrency miner additionally reported adjusted earnings of C$0.15 ($0.12) per share for the third quarter, beating the typical analyst estimate of C$0.13 ($0.10) per share, in response to FactSet information.
  • Hut 8 deposited all the self-mined bitcoin into custody throughout the third quarter and held 4,729 bitcoin for a market worth of C$263.8 million ($342.1 million) as of Sept. 30, the corporate stated in a statement.
  • Additionally, the corporate stated its bitcoin steadiness as of Nov. 10, 2021, together with 2,000 bitcoin loaned as a part of the “fiat yield technique,” is about 5,053 bitcoin, for a market worth of about C$430 million ($342 million).
  • “We are thrilled to have reported our third consecutive record-breaking quarterly outcomes and to have already surpassed our objective of 5,000 bitcoin held in reserve,” the corporate stated in its assertion.
  • The firm additionally highlighted that it has acquired all of its high-performance Nvidia chips at its website in Medicine Hat, Alberta, and 91% of the servers have been put in and powered up, with full deployment anticipated in the subsequent week.
  • The shares of the miner had been up 7.2% in early U.S. buying and selling on Wednesday, outperforming a lot of the crypto miners, whereas bitcoin was flat.
  • The miner is holding a convention name to debate its earnings at 10 a.m. ET (15:00 UTC).

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