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.
