Further, Hut 8 mined Bitcoin at an average of 5.2 Bitcoin/day in December – a fall from the November average of 7.9 Bitcoin/day. The firm’s total Bitcoin count on December 31 stood at 9,086.
As reported, the fall in production is due to high energy prices that led the mining firm to sell power back to the provider. As part of its efforts to mitigate the impact of the issues with the energy supplier, Hut 8 is exploring organic and inorganic growth options.
Due to the December production, Hut8’s Bitcoin treasury reached 9,086 – up 65% from its balance at the end of 2021. Hut 8 deposited 100% of the self-mined Bitcoin in December into its custody in accordance with its long-standing strategy.
Decrease in revenue in Q3, 2022
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. However, as reported, the Company mined 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.
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 crypto bear market. As reported by CryptoSlate, Bitcoin mining revenue was down by 37.5% in December YOY.