{"id":9370,"date":"2022-03-17T16:11:36","date_gmt":"2022-03-17T16:11:36","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/crypto-miner-hut-8-posts-record-revenue-as-btc-holdings-surge-100\/"},"modified":"2022-03-17T16:11:37","modified_gmt":"2022-03-17T16:11:37","slug":"crypto-miner-hut-8-posts-record-revenue-as-btc-holdings-surge-100","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/crypto-miner-hut-8-posts-record-revenue-as-btc-holdings-surge-100\/","title":{"rendered":"Crypto miner Hut 8 posts record revenue as BTC holdings surge 100%"},"content":{"rendered":"
Canadian cryptocurrency miner Hut 8 posted mixed financial results on Thursday, as revenue and mining profitability soared while overall net income declined \u2014 underscoring a volatile end to the year for Bitcoin (BTC) and the broader digital asset market.\u00a0<\/p>\n
The Toronto-based company, which trades publicly on the Nasdaq and TSX, saw its revenues surge to $45.69 million (C$57.901 million) in the fourth quarter of 2021, up from $10.25 million (C$12.986 million) the year before. Full-year revenues were $137.1 million, up 326% compared with 2020.<\/p>\n
Despite generating a large profit from mining activities, the company posted an overall loss of $0.53 ($C0.67) per share in the fourth quarter. Losses amounted to $0.43 (C$0.54) per share in all of 2021.<\/p>\n
Shares of Hut 8, which trade under the ticker symbol HUT, fluctuated within a narrow range on Thursday. The stock was last seen trading at $5.23, according to TradingView data.<\/p>\n
Over the past 12 months, HUT has behaved very much like a crypto proxy stock as its movements have been strongly correlated with Bitcoin and the broader digital asset market. HUT peaked near $16 in early November just as Bitcoin printed a new all-time high north of $69,000.<\/p>\n