Canadian miner Hut 8 reported mixed economic results on Thursday as mining revenues and profitability increased while overall net income fell, highlighting the turn-of-the-year volatility of bitcoin (BTC) and the broader digital assets market.

The Toronto-based company, which is listed on Nasdaq and TSX, saw revenues increase to $ 45.69 million (CAD $ 57.901 million) in the fourth quarter of 2021 from $ 10.25 million (CAD $ 12.986 million) the year before. . Revenue for the year was $ 137.1 million, up 326% from 2020.

Despite solid mining income, the company reported a total loss of $ 0.53 (CAD $ 0.67) per share in the fourth quarter. The loss was $ 0.43 ($ 0.54 CAD) per share in 2021.

The shares in Hut 8, which are traded under the symbol HUT, swung in a narrow area on Thursday. According to TradingView, the stock was last traded at $ 5.23.

Over the past 12 months, HUT has behaved very similarly to cryptocurrencies because the movement has been strongly correlated with Bitcoin and the broader market for digital assets. HUT peaked around $ 16 in early November when Bitcoin reached a new all-time high north of $ 69,000.

The share price of Hut 8 rose sharply in the last quarter of 2021, indicating a strong correlation with Bitcoin. Source: Trading View
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In its quarterly earnings report, Hut 8 revealed that it broke out 2,786 BTC in 2021, bringing its total assets to over 6,200 BTC. His Bitcoin reserves are now over $ 254 million at current prices.

Only five other public companies own more bitcoin than the Canadian miner: MicroStrategy, Tesla, Marathon Digital Holdings and Block (formerly Square).

Source: CoinTelegraph

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