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Hut 8 Second-Quarter Revenue Climbs Fourfold
The company predicted it will mine as many as 22 bitcoins a day in the fourth quarter as new machines are deployed.
Canadian crypto-mining company Hut 8 Mining said second-quarter revenue almost quadrupled to C$33.5 million (US$27 million) from the year before.
STORY CONTINUES BELOW
- Operating profit tripled to C$8.1 million ($6.5 million), the company said in a release.
- The company predicted it will mine as many as 22 bitcoins a day in the fourth quarter as new machines are deployed, and forecast daily production of 14-16 bitcoins a day in the third quarter, according to a presentation on its website.
- By the end the year, it estimated it will have 144 MW of power available for mining. That will grow 45% to 209 MW by the end of 2022.
Read more: Hut 8 Buys $44M Worth of Mining Machines to Double Its Hashrate
UPDATE (AUG. 12, 11:40 UTC): Rewrites headline to reflect earnings release, adds revenue, operating profit.
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
