Hut 8 Mines 308 Bitcoin In January 2022

Hut 8 Mining Corp. (TSX: HUT) reported today its production results for the month of January 2022. The firm mined 308 bitcoin for the month, averaging 9.93 bitcoin per day.

The monthly output is an increase from December’s production of 276 bitcoin, averaging 8.9 bitcoin per day. Around 16% of the production is said to have come from the firm’s GPU miners that mine ethereum and receive the payout in bitcoin. This leads to reducing the average cost to less than $2,600 per bitcoin.

All of the company’s self-mined bitcoin for the month were deposited into custody. Total bitcoin balance at the end of the month came in at 5,826 bitcoin, valuing the reserve assets at $271.6 million as of this writing.

In January 2022, the blockchain firm announced its plans to acquire the cloud and colocation data center business of TeraGo Inc. for $30 million.

Hut 8 Mining Corp. last traded at $7.73 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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