Thursday, October 16, 2025

Latest

Hut 8 Mining Beats Estimates With $50.3 Million In Revenue For Q3 2021

Hut 8 Mining Corp. (TSX: HUT) released its Q3 2021 financial results this morning, highlighting a quarterly revenue of $50.3 million in revenue. This beats the average analysts’ estimate of $47.9 million and is also a notable increase from Q3 2020’s revenue of $5.8 million.

The revenue for this quarter consists of a $47.9 million revenue related to bitcoin mining and $2.4 million from hosting services. The firm was able to mine 905 bitcoin for the quarter, up from 372 bitcoin mined for the same comparable period last year. As part of its “HODL” strategy, all self-mined bitcoin during the quarter was deposited into custody.

The company also recorded a net income of $23.4 million compared to last year’s $0.9 million net loss. Adjusted EBITDA came in at $30.7 million for the quarter, up from a loss last year at $2.5 million.

The crypto firm ended the quarter with a total bitcoin balance of 4,729 with a market value of $263.8 million. This balance consists of 2,729 bitcoin held in custody and 2,000 bitcoin loaned through arrangements.

The company closed the quarter with $223.2 million in cash from a starting balance of $2.8 million at the beginning of the year. Its digital assets held in custody are worth $263.8 million by the end of the quarter, also a climb from $102.0 million last year.

Hut 8 Mining Corp. last traded at $17.59 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.

Video Articles

When 4% of Global Copper Disappears Overnight | David Gower – Emerita Resources

Mining M&A: Gold X2 Acquires Kesselrun Resources

They Said Oil Was Dead. They Were Wrong. | Michael Judson – Record Resources

Recommended

Military Seizes Power in Madagascar After President Flees

Altamira Gold Hits 395.5 Metres Of 0.4 g/t Gold At Maria Bonita

Related News

Hut 8 Mines 326 Bitcoin In August 2021

Hut 8 Mining Corp. (TSX: HUT) provided this morning production updates for the month of...

Thursday, September 2, 2021, 08:31:54 AM

Hut 8 Mining Sees Production Increase To 9.7 Bitcoin Per Day

Hut 8 Mining Corp (NASDAQ: HUT) (TSX: HUT) this morning issued a production update for...

Wednesday, August 4, 2021, 07:49:17 AM

Hut 8 Reports Major Equipment Failures At Drumheller Facility

Hut 8 Mining (TSX: HUT) continues to experience operating difficulties at its Drumheller, Alberta facility....

Tuesday, May 9, 2023, 08:47:04 AM

Energy Giants Look To Move Into Cryptocurrency Space, Pressuring Miners

In late August 2020, international energy giant Equinor ASA (NYSE: EQNR) reportedly decided to partner...

Monday, September 28, 2020, 02:09:00 PM

Bitcoin Miners Have Displayed Unusual Trading Patterns Versus Bitcoin Itself

Bitcoin has doubled over the last three months, surpassing its April 2021 high, and shows...

Thursday, October 21, 2021, 03:48:00 PM