Hut 8 Surpassed its Goal of 5,000 Bitcoins in Reserves

The Canadian crypto mining pioneer sets a new record for quarterly revenue for the third time in a row in Q3-2021, surpassing 5.000 bitcoin held in reserve.
Hut 8 Surpassed its Goal of 5,000 Bitcoins in Reserves

In Brief:

  • Hub 8 achieved consecutive record-setting revenue in Q3-2021.
  • The company has surpassed 5,000 bitcoin held in reserve, and beat analyst estimates.

Hut 8, North America’s largest innovation-focused digital assets mining pioneers, announced its results for the quarter ending September 30, 2021(“Q3-2021”). Hub 8’s third-quarter revenue was $40 million (50.3 million Canadian dollars), rising about 767% from the last year and beating the average analyst estimate of $34.8 million (43.7 Canadian dollars).

Shane Downey, Chief Financial Officer of the company, stated that the third quarter of 2021 was another exciting step forward for Hut 8. He further said that the third consecutive record-breaking quarterly results have already surpassed our goal of 5,000 Bitcoin held in reserve. 

The final delivery of all 10.000 NVIDIA chips added to another milestone in a series of consecutive achievements. NVIDIA chips are cutting-edge GPUs that are highly efficient, capable of mining at a total cost of under $3.000 per Bitcoin, delivering margins of approximately 95%. 

Additionally, the company mentioned that its bitcoin balance as of Nov. 10, 2021, including 2,000 bitcoin loaned as “fiat yield strategy” is around 5.053 bitcoin, for a market value of approximately $342 million (430 Canadian Dollars)

According to the Q3 report, net income in Q3-2021 was 23.4 million Canadian dollars (CAD). The increase in net income was primarily driven by the revenue generated from the improved performance in self-mining operations, partially offset by higher costs from the expansion of the business.

Hub 8 also highlighted that it has received all of its high-performance Nvidia chips at its site named Medicine Hat, Alberta. 91% of the servers have been installed and powered up while the remaining are scheduled for next week.

The shares of the miner were up 7.2% in early US trading on Wednesday, superseding most of the crypto miners, while bitcoin was flat. Hub 8 will hold a conference call to discuss its earnings at 10 a.m. ET (15:00 UTC).

Last week, Argo blockchain generated record-setting revenue in Q3 2021. All these cryptocurrency miners achieving record-breaking quarterly revenue indicates the crypto market is on the rise.

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