Innovation-focused crypto mining firm, Hut 8 recently reported its financial results for the third quarter of 2021. The TSX-listed company posted revenues of $50.3 million in Q3 2021. In the quarter ending 30 September 2021, Hut 8 expanded its Bitcoin holdings significantly.
The mining company now holds over 5,000 BTC. During Q3 2021, Hut 8 mined a total of 905 Bitcoin. In the latest quarter, 100% of self-mined Bitcoin was deposited into custody. The overall value of the company’s BTC holdings surged substantially during the last three months amid a jump in the price of BTC.
In comparison with Q3 2020, Hut 8 posted strong growth in its mining capacity. In Q3 2020, the company mined 372 BTC compared to 905 BTC in the third quarter of 2021.
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“The third quarter of 2021 proved to be another exciting and dynamic step forward for Hut 8,” commented Shane Downey, Chief Financial Officer of the Company. “We are thrilled to have reported our third consecutive record-breaking quarterly results and to have already surpassed our goal of 5,000 Bitcoin held in reserve. Further, we have achieved an important milestone with the final delivery of all 10,000 NVIDIA chips. Throughout early weeks of operation, these cutting-edge GPUs have proven to be highly efficient, mining at a total cost of under $3,000 per Bitcoin, delivering margins of approximately 95%.”
Crypto Mining Revenues
Despite some challenges like China’s crypto mining ban, the overall revenues of global crypto miners touched a record high in 2021. Mining firms across North America are taking advantage of cheap electricity and clear crypto mining regulations in the region. Due to large mining margins in 2021, companies have been able to increase their BTC holdings.
“Hut 8 continues to strategically emphasize its “HODL” strategy, taking active steps to generate Canadian and US dollars to help fund operating expenses, so as to avoid selling Bitcoin. During Q3-2021, 100% of self-mined Bitcoin was deposited into custody,” Hut 8 added in the official press release.