Hut 8 Sees Bitcoin Mining Fall 32% In December As Production Slump Continues

Hut 8 Mining (TSX: HUT) posted its worst monthly performance in all of 2022 in December, with the firm managing to mine just 161 bitcoin during the month. The performance marked the second month in a row of declining production for the company, with production falling 32% from November’s 238 bitcoin mined.

The poor production performance was blamed on “unusually high energy prices,” which led to the company slowing production and selling power back to its energy provider. This decline in production came despite the company growing its capacity in Alberta from 2.44 EH/s to 2.5 EH/s during the month.

The firms operations in North Bay meanwhile remain shuttered as a result of a dispute with Validus Power Corp, its power provider for the facility. Both entities have previously issued event of default notices to one another, with Validus claiming that Hut 8 failed to make payment for the delivery of energy, while Hut 8 claimed that operational milestones were not met.

READ: Hut 8 Sees Bitcoin Mining Halted At North Bay Facility Due To Power Provider Disagreement

In accordance with its much publicized “HODL” strategy, Hut 8 retained all the bitcoin mined during the month. The additions bring the firms total holdings to 9,086 bitcoin.

Hut 8 Mining last traded at $1.25 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

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Steadright To Conduct Multi-Phased Exploration At Historic Goundafa Polymetallic Mine

Goliath Resources Drills 10.72 g/t Gold Over 7.83 Metres At Surebet

Related News

Hut 8 Mines 308 Bitcoin In January 2022

Hut 8 Mining Corp. (TSX: HUT) reported today its production results for the month of...

Thursday, February 3, 2022, 09:33:00 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

Hut 8 Mining Partners With Validus Power To Develop Low Cost Bitcoin Mining Solutions

Hut 8 Mining (TSX: HUT) is looking for creative ways in which it can bring...

Monday, February 22, 2021, 07:45:44 AM

Hut 8 Mining Ends Q1 2021 With $32.5 Million In Revenue, $242.2 Million In Bitcoin

Hut 8 Mining Corp. (TSX: HUT) released its Q1 2021 financial results this morning, highlighting...

Thursday, May 13, 2021, 09:27:00 AM

Hut 8 Sees Bitcoin Production Fall 20% In November Following North Bay Facility Dispute

Hut 8 Mining (TSX: HUT) has seen its bitcoin production fall significantly for the month...

Monday, December 5, 2022, 08:16:45 AM