Hut 8 reports annual revenue decline, increase in mined bitcoins

North American crypto miner Hut 8 reported annual revenue of CA$150.7 million ($109 million) — a decrease of CA$23.1 million compared to the previous year — and a 65% increase in bitcoin holdings.

Hut 8 mined 3,568 bitcoins last year — an increase of 28% over 2021, which it attributed to an increase in hash rate resulting from its fleet expansion.

“While 2022 was a challenging time for the entire industry, we fared well thanks to our team’s commitment to operational excellence, our diversified lines of business and our strong growth profile,” CEO Jaime Leverton said in a statement.

“As we look ahead, we will continue to uphold these operating principles as we work to close our business combination with USBTC and begin operating as a U.S.-domiciled, digital asset mining, hosting, managed infrastructure operations and high performance computing organization,” she added.

Last month, Hut 8 announced a merger with US Bitcoin (USBTC) to form Hut 8 Corp., which will be based in the United States. It also filed a statement of claim in the Superior Court of Justice of Ontario against Validus Power Corp. and its subsidiary, Bay Power Corp., the third-party energy supplier to Hut 8’s facility in North Bay, Ontario, the month prior.