Hut 8 Achieves February Production of 10.3 Bitcoin Per Day

The production numbers for February 2022 are out for Hut 8 Mining (TSX: HUT). It appears the firm took a slight step backwards in terms of total bitcoin mined during the month due to February being a short month, with the firm instead highlighting its “record bitcoin holdings.”

Production for the month amounted to 289 bitcoin, a decline from the 308 mined in January. However, the company did see an increase in bitcoin mined on average per day, which climbed to 10.3 bitcoin, ahead of the 9.93 bitcoin per day produced in January. Production was also ahead of the 276 bitcoin mined in December.

Of the total production, 14% is said to have come from GPU mining which produced Ethereum. The company however was paid for this in the form of Bitcoin, with the average cost said to be less than $2,600 per bitcoin.

As has become a trend for the company, all bitcoin mined during the month was placed into custody, with the firms total bitcoin balance now sitting at 6,115. That strategy, while boosting confidence for the crypto space, has lead the firm to recently announce a US$65 million at the market financing which will be used for corporate purposes.

The production data follows yesterdays announcement that the firm has entered a partnership with Enthusiast Gaming (TSX: EGLX), which will see it sponsor a number of esports related items, while also providing data centre services for the company. Additionally, the partnership with see the firm step into the NFT and Web3.0 space to a small degree, with further details not provided.

Hut 8 Mining last traded at $7.85 on the TSX.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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