Hut 8′s Revenue Rose Over 700% in Q3, Beating Analyst Estimates
The Canadian crypto miner beat third quarter revenue and earnings estimates and held about $342 million in bitcoin.
Nov 11, 2021 at 1:48 p.m. UTCUpdated May 11, 2023 at 7:01 p.m. UTC
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Hut 8′s third quarter revenue was C$50.3 million ($40 million), rising about 767% from last year and beating the average analyst estimate of C$43.7 million ($34.8 million).
- The Canadian cryptocurrency miner also reported adjusted earnings of C$0.15 ($0.12) per share for the third quarter, beating the average analyst estimate of C$0.13 ($0.10) per share, according to FactSet data.
- Hut 8 deposited all of the self-mined bitcoin into custody during the third quarter and held 4,729 bitcoin for a market value of C$263.8 million ($342.1 million) as of Sept. 30, the company said in a statement.
- Additionally, the company said its bitcoin balance as of Nov. 10, 2021, including 2,000 bitcoin loaned as part of the “fiat yield strategy,” is about 5,053 bitcoin, for a market value of about C$430 million ($342 million).
- “We are thrilled to have reported our third consecutive record-breaking quarterly results and to have already surpassed our goal of 5,000 bitcoin held in reserve,” the company said in its statement.
- The company also highlighted that it has received all of its high-performance Nvidia chips at its site in Medicine Hat, Alberta, and 91% of the servers have been installed and powered up, with full deployment expected in the next week.
- The shares of the miner were up 7.2% in early U.S. trading on Wednesday, outperforming most of the crypto miners, while bitcoin was flat.
- The miner is holding a conference call to discuss its earnings at 10 a.m. ET (15:00 UTC).
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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets