Hut 8 Mining (TSX:HUT) reported its first quarter 2022 financial results on Thursday morning. The digital asset mining company produced 19.4% more Bitcoin during the quarter ended March 31, 2022.
Strong Revenue and ProfitabilityBitcoin production in the quarter was 942 Bitcoin, an increase of 75% compared to 539 Bitcoin in the previous quarter. Revenue increased 67% to $53.3 million in the first quarter. Hut 8's self-mining operations generated $49.3 million in revenue from 942 Bitcoin mined. The average revenue per Bitcoin mined during the quarter meanwhile reached $52,327.
Cost of revenue for the ...
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Hut 8 Mining Posts Strong Growth in Revenue and Bitcoin Production in Q1