• Canadian Bitcoin mining firm, Hut 8 increased its Bitcoin holdings by 161 in December 2022 – a decline of 32.35% from November’s 238 Bitcoins.
• Hut 8 sold power back to the provider because of high energy prices, resulting in a fall in production.
• Hut 8’s net revenue decreased from $50.3 million in Q3 2021 to $31.7 million in Q3 2022, a decline of $18.6 million.
Canadian Bitcoin mining firm, Hut 8, experienced a decrease in production in December 2022 due to high energy prices, which prompted the company to sell power back to the provider. As a result, the firm increased its Bitcoin holdings by 161 in December 2022, a decline of 32.35% from November’s 238 Bitcoins. Furthermore, the average Bitcoin mined by Hut 8 in December was 5.2 Bitcoin/day, a decrease from the November average of 7.9 Bitcoin/day. The company’s total Bitcoin count on December 31st was 9,086.
In addition, Hut 8’s net revenue decreased from $50.3 million in Q3 2021 to $31.7 million in Q3 2022, a decline of $18.6 million. Despite this, the company managed to mine 982 Bitcoin in Q3 2022, an 8.5% increase over Q3 2021 due to the expansion of the Company’s fleet of miners and mining activities.
In order to mitigate the impact of the issues with the energy supplier, Hut 8 is exploring organic and inorganic growth options. To adhere to its long-standing strategy, the firm deposited 100% of the self-mined Bitcoin in December into its custody. As of November 2022, Hut 8 was one of the few mining firms to increase its Bitcoin holdings in the face of a market downturn. Companies in the mining industry suffered heavily from the bear market, and Hut 8’s effort to increase its Bitcoin holdings is a testament to its commitment to the industry.