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Hut 8′s third quarter revenue was C$50.3 million ($40 million), rising about 767% from last year and beating the average analyst estimate of C$43.7 million ($34.8 million).

  • Hut 8 also reported adjusted earnings of C$0.15 ($0.12) per share for the third quarter, beating the average analyst estimate of C$0.13 ($0.10) per share, according to FactSet data.
  • Hut 8 deposited all of the self-mined bitcoin into custody during the third quarter and held 4,729 bitcoin for a market value of C$263.8 million ($342.1 million) as of Sept. 30, the company said in a statement.
  • Additionally, the company said its bitcoin balance as of November 10, 2021, including 2,000 bitcoin loaned as part of the “fiat yield strategy,” is about 5,053 Bitcoin, for a market value of about C$430 million ($342 million).
  • “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,” the company said in its statement.
  • The company also highlighted that all of its high-performance Nvidia chips have been received at Hut 8′s site in Medicine Hat, Alberta, and 91% of the servers have been installed and powered up, with full deployment expected in the next week.
  • The shares of the miner were up 7.2% in early U.S. trading on Wednesday, outperforming most of the crypto miners, while bitcoin was flat.
  • The miner is holding a conference call to discuss its earnings at 10 a.m. ET (15:00 UTC).

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.



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