Hut 8 Mining Corp, a Canadian Bitcoin mining company, has reported its financial results for the first quarter of 2021. The company generated revenue of CAD$32.5 million during this period, representing a significant increase compared to the same quarter last year.
Throughout the same period, the company sold 365 Bitcoins, earning CAD$14.6 million at an average price of CAD$39,980 per Bitcoin. These mining operations took place at Hut 8’s facilities in Alberta, which have an installed ASIC hashrate capacity of 2.6 EH/s and achieved a production efficiency of 43.1 BTC/EH.
Apart from its mining activities, Hut 8 is also focused on expanding its operations through strategic acquisitions. The company has received approval from the Ontario Superior Court of Justice for its stalking horse bid to acquire four natural gas power plants in Ontario and a Bitcoin mine in North Bay from Validus Power Corp. If successful, Hut 8 will establish a new Ontario subsidiary to manage these assets. Macquarie Equipment Finance Ltd is expected to hold a minority equity interest of about 20% in this new subsidiary.
CEO Jaime Leverton has emphasized the company’s commitment to building an infrastructure-first operation that diversifies its revenue streams. Hut 8 is planning a proposed merger with US Bitcoin Corp and aims to develop computing infrastructure across their seven-site portfolio. These sites not only support Bitcoin mining but also high-performance computing data centers and traditional data centers. Additionally, they facilitate emerging technologies such as artificial intelligence and machine learning.
Hut 8 is renowned for its unique treasury strategy and holds one of the largest inventories of self-mined Bitcoin among publicly traded companies. The company currently operates five high-performance computing data centers in British Columbia and Ontario, as well as two Bitcoin mining sites in Alberta.
The financial results of Hut 8 Mining Corp demonstrate the company’s strong performance in the Bitcoin mining industry. With its revenue growth and strategic acquisitions, Hut 8 is poised for further expansion and diversification in the coming months.
This article was generated with the support of AI and reviewed by an editor. For more information, please refer to our terms and conditions.