Hut 8 Achieves Record High Annual Revenue of $173.8m

A prominent Canadian cryptocurrency mining company, Hut 8 achieves a record high annual revenue of $173.8 million. Bitcoin holdings will increase by 100% to 5,518 by the end of 2021, with a market cap of $323.9 million.

Hut 8's fourth-quarter 2021 financial results, released Thursday, showed overall revenue soaring to $45.69 million (C$57.901 million), nearly quadrupling the $10.25 million (C$12.986 million) in the previous year's fourth quarter.

Revenue for the year ended December 31, 2021, was $173.8 million, a 327% increase from the previous year's annual revenue of just $40.7 million.

Jaime Leverton, CEO of Hut 8, said that:

"2021 was truly a transformational year at Hut 8, complemented by considerable growth. In pursuing a diversified strategy, we have differentiated ourselves from our peer group and in doing so, have become the only company in North America to both mine digital assets while building on our traditional infrastructure business to support companies in Web 3.0 and the Metaverse."

Despite making huge profits from mining activities, the company said it posted a net loss of $72.7 million for the year ended December 31, 2021, compared with a net income of $19 million for the same period in 2020.

It posted an overall loss of $0.53 (C$0.67) per share in the fourth quarter. Loss per share for the full year 2021 was $0.43 (C$0.54).

Hut 8 is a digital asset mining company with industrial-scale operations in Alberta, Canada. On December 3 last year, Hut 8 was the first company in the industry to be included in the S&P TSX index.