Hut 8 Posts Revenue of $173.8 Million in 2021

The Nasdaq-listed digital asset mining company, Hut 8 announced its financial numbers for 2021 today. The company published record revenue as the figure reached $173.8 million (CAD). The number includes $165.4 million from the company’s self-mining operations and $8.4 million from its expanded hosting service.

During the year ended 31 December 2021, Hut 8 mined 2,786 Bitcoin. In addition, the mining company increased its BTC holdings significantly. In total, Bitcoin holdings jumped by nearly 100% to 5,518. Adjusted EBITDA increased to $96.6 million in 2021.

"2021 was truly a transformational year at Hut 8, complemented by considerable growth," said Jaime Leverton, the CEO of Hut 8. "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."

In December last year, Hut 8 was added to the S&P TSX index. Throughout last year, the mining firm bought an aggregate of 31,912 MicroBT Whatsminers.

Challenges

For the year ended 31 December 2021, Hut 8 reported a net loss of $72.7 million, compared to a net income of $19 million in 2020. According to the details shared by the company, the recent change was due to non-cash revaluation loss on liability warrants of $114.2 million partially offset by increased revenue.

"Achieving sizable improvement across key financial and operating metrics in fiscal 2021, we delivered record-breaking results for our shareholders," said Shane Downey, the CFO of Hut 8. "We continue to have one of the largest self-mined Bitcoin reserves in the world, currently holding more than 6,200 Bitcoin, and look forward to driving operating efficiencies at our mining sites by deploying next-generation miners."

Despite challenges, the company saw a consistent jump in revenue throughout 2021.