Hut 8
Mining Corp., one of North America’s largest publicly-listed mining companies,
recently announced its financial results for the year and quarter ended 31
December 2022. Despite the challenging times that the digital asset mining
industry experienced, Hut 8 managed to maintain stable revenues. However, the
total net loss widened significantly to CAD 242.81 million, showing how
cryptocurrency winter has made crypto miners’ life miserable in 2022.
Hut 8 Doubles Net Loss in
2022
Hut 8 revenue
decreased by CAD 23.1 million to CAD 150.7 million during the year ended 31
December 2022, compared to CAD 173.8 million reported a year earlier. However,
the company mined 3,568 Bitcoin (BTC) in 2022, which was a 28.1% increase
compared to 2021 due to the rise in hashrate from the expansion of the company’s
fleet of miners and mining activities. Hut 8 installed an aggregate of 21,455
new MicroBT miners at its three mining sites during a period of twelve reported
months.
However,
the increasing number of Bitcoin mined and the relatively small decrease in
revenue did not translate positively into a net result. The company was already
reporting a net loss of CAD 72.7 million in 2021, and the value has more than
doubled to CAD 242.8 million ($176 million). Net loss per share came in at CAD
1.29 compared to CAD 0.54 reported in the same period a year earlier.
According
to Hut 8, the decrease in Bitcoin price…
