Hut 8′s third quarter income was C$50.three million ($40 million), rising about 767% from final 12 months and beating the typical analyst estimate of C$43.7 million ($34.Eight million).
- The Canadian cryptocurrency miner additionally reported adjusted earnings of C$0.15 ($0.12) per share for the third quarter, beating the typical analyst estimate of C$0.13 ($0.10) per share, in response to FactSet knowledge.
- Hut Eight deposited the entire self-mined bitcoin into custody throughout the third quarter and held 4,729 bitcoin for a market worth of C$263.Eight million ($342.1 million) as of Sept. 30, the corporate mentioned in a press release.
- Moreover, the corporate mentioned its bitcoin steadiness as of Nov. 10, 2021, together with 2,000 bitcoin loaned as a part of the “fiat yield technique,” is about 5,053 bitcoin, for a market worth of about C$430 million ($342 million).
- “We’re thrilled to have reported our third consecutive record-breaking quarterly outcomes and to have already surpassed our objective of 5,000 bitcoin held in reserve,” the corporate mentioned in its assertion.
- The corporate additionally highlighted that it has obtained all of its high-performance Nvidia chips at its web site in Medication Hat, Alberta, and 91% of the servers have been put in and powered up, with full deployment anticipated within the subsequent week.
- The shares of the miner had been up 7.2% in early U.S. buying and selling on Wednesday, outperforming many of the crypto miners, whereas bitcoin was flat.
- The miner is holding a convention name to debate its earnings at 10 a.m. ET (15:00 UTC).