Hut 8 Mining Corp, a Canadian digital currency firm, announced the mining production results for the month of January 2022 today. The blockchain firm said that it had mined 308 Bitcoins for the month at an average production rate of 9.93  Bitcoin  per day. The Toronto Stock Exchange-listed mining company further mentioned that the monthly output of January was an increase from December’s production of 276 Bitcoin at an average production rate of 8.9 Bitcoin per day.

Hut 8 revealed that about 16% of January’s production came from its fleet of graphics processing units that mine Ethereum and obtained the payout in Bitcoin. This resulted in an average cost of less than $2,600 per Bitcoin.

Additionally, Hut 8 disclosed that all of its self-mined Bitcoin for the month were deposited into custody. The firm stated that as of January 31, its total Bitcoin balance held in reserve stands at 5,826 Bitcoins, valuing its reserve assets at $271.6 million at the time of writing. In addition, the company mentioned that its installed operating capacity currently sits at 2.36 exahash per second (“EH/s”), which is a 17% increase from December 31, 2021.

Last month, Hut 8 announced its plans to acquire the cloud and colocation data center business of the Canadian IT & network company, TeraGo for $30 million. Moreover, the company said that during January, it had installed 6,317 MicroBT M30S and M31S+ mining machines and retired the older mining chips known as ‘Bitfury Clarke’.

Jason Zaluski, the Head of Technology for Hut 8, mentioned: "Our team is working hard deploying additional miners between our two Alberta-based sites, increasing overall efficiency and hashrate using existing capacity. Our goal is to always utilize the most efficient miners we have, and we have been receiving and fully deploying our MicroBT units as they arrive, which speaks to the commitment and capability of our team on the ground, here in Alberta.”

Growing Business through Investment

In January last year, Hut 8 opened a Bitcoin (BTC) Yield Account to attract Bitcoin investors and onboard more clients to open a savings-like account with a premium interest rate. In November last year, the  crypto mining  firm reported its financial results for the third quarter of 2021, a period whereby it generated a revenue of $50.3 million. The company stated that it achieved such an important milestone as a result of investing in its business expansion and acquisition of additional NVIDIA chips (mining machines). It stated such cutting-edge GPUs have proved to be highly efficient in mining Bitcoin at a total cost of under $3,000 per coin, thus delivering margins of approximately 95%.

Hut 8 Mining Corp, a Canadian digital currency firm, announced the mining production results for the month of January 2022 today. The blockchain firm said that it had mined 308 Bitcoins for the month at an average production rate of 9.93  Bitcoin  per day. The Toronto Stock Exchange-listed mining company further mentioned that the monthly output of January was an increase from December’s production of 276 Bitcoin at an average production rate of 8.9 Bitcoin per day.

Hut 8 revealed that about 16% of January’s production came from its fleet of graphics processing units that mine Ethereum and obtained the payout in Bitcoin. This resulted in an average cost of less than $2,600 per Bitcoin.

Additionally, Hut 8 disclosed that all of its self-mined Bitcoin for the month were deposited into custody. The firm stated that as of January 31, its total Bitcoin balance held in reserve stands at 5,826 Bitcoins, valuing its reserve assets at $271.6 million at the time of writing. In addition, the company mentioned that its installed operating capacity currently sits at 2.36 exahash per second (“EH/s”), which is a 17% increase from December 31, 2021.

Last month, Hut 8 announced its plans to acquire the cloud and colocation data center business of the Canadian IT & network company, TeraGo for $30 million. Moreover, the company said that during January, it had installed 6,317 MicroBT M30S and M31S+ mining machines and retired the older mining chips known as ‘Bitfury Clarke’.

Jason Zaluski, the Head of Technology for Hut 8, mentioned: "Our team is working hard deploying additional miners between our two Alberta-based sites, increasing overall efficiency and hashrate using existing capacity. Our goal is to always utilize the most efficient miners we have, and we have been receiving and fully deploying our MicroBT units as they arrive, which speaks to the commitment and capability of our team on the ground, here in Alberta.”

Growing Business through Investment

In January last year, Hut 8 opened a Bitcoin (BTC) Yield Account to attract Bitcoin investors and onboard more clients to open a savings-like account with a premium interest rate. In November last year, the  crypto mining  firm reported its financial results for the third quarter of 2021, a period whereby it generated a revenue of $50.3 million. The company stated that it achieved such an important milestone as a result of investing in its business expansion and acquisition of additional NVIDIA chips (mining machines). It stated such cutting-edge GPUs have proved to be highly efficient in mining Bitcoin at a total cost of under $3,000 per coin, thus delivering margins of approximately 95%.