The Fly

Hut 8 Mining mines 982 Bitcoin in Q3

The company mined 982 Bitcoin in Q3, an 8.5% increase compared to Q3 2021 due to an increase in hashrate from the expansion of the company fleet of miners and mining activities. Hut 8’s computing operations generated $4.4M of revenue in the quarter, the majority of which is monthly recurring revenue. The company installed an aggregate of 2,205 new MicroBT M30S, M30S+, M30S++ and M31S+ miners at its three mining sites during Q3. The installation of these miners brought Hut 8’s operating capacity to 3.07 EH/s as of September 30, an increase of 10% in hashrate compared to June 30. "Our conservative approach to managing our balance sheet continues to be paramount for us at Hut 8," said Shane Downey, CFO of Hut 8. "Notably, we improved our mining capacity by 10% while reducing the average cost to mine each Bitcoin by 29%, when compared to the second quarter of 2022. We remain steadfastly committed to effectively managing capital in today’s challenging environment and believe we are well positioned to deliver shareholder value in 2023 and beyond."

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