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Crypto miner Hut 8 posts record revenue as BTC holdings surge 100%

Published 03/17/2022, 12:00 PM
Updated 03/17/2022, 01:40 PM
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Canadian cryptocurrency miner Hut 8 posted mixed financial results on Thursday, as revenue and mining profitability soared while overall net income declined — underscoring a volatile end to the year for Bitcoin (BTC) and the broader digital asset market.

The Toronto-based company, which trades publicly on the Nasdaq and TSX, saw its revenues surge to $45.69 million ($57.901 million CAD) in the fourth quarter of 2021, up from $10.25 million ($12.986 million CAD) the year before. Full-year revenues were $137.1 million, up 326% compared with 2020.

Hut 8's share price surged in the fourth quarter of 2021, suggesting strong correlation with Bitcoin. Source: TradingView

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