Hut 8 Mining Corp. (TSX: HUT) released its Q1 2021 financial results this morning, highlighting a quarterly revenue of $32.5 million in revenue. This is a notable increase from Q1 2020’s revenue of $12.7 million.
The revenue for this quarter consists of a $30.6 million revenue related to Bitcoin mining, $1.4 million from Hut 8 Mining’s hosting client revenue, and $0.5 million from interest income.
The company also recorded a net income of $35.5 million, an increase from last year’s $10.2 million net loss. However, total digital assets mined for the quarter is at 539 compared to 1,116 last year.
Hut 8 mining ended the quarter with a total bitcoin balance of 3,271 with a market value of $242.2 million. This balance consists of 2,271 bitcoin held in custody and 1,000 bitcoin loaned through an arrangement with digital currency lending platform Genesis Global Capital.
The company closed Q1 2021 with $39.8 million in cash, up from $2.8 million last year. Its digital assets held in custody are worth $168.3 million by the end of the quarter, also a climb from $75.5 million last year.
Hut 8 Mining Corp. last traded at $5.96 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.