Hut 8’s Annual Revenue Hits $109 Million
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Crypto mining firm Hut 8 Mining generated C$150.7 million ($109 million) in revenue in 2022.

The company mined a total of 3,568 BTC, which is 28% more than in 2021, while the volume of crypto reserves rose to 9,086 BTC, an increase of 64.7%.

According to the company, the increase in mining has been due to the growth of its equipment fleet and hashrate. During the year, Hut 8 received and started to use 21,455 new MicroBT ASIC miners, the Whatsminer M30S, M30S+, M30S++ and M31S+ models, in its own three data centers.

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At the end of 2022, the total hashrate of Hut 8 was 2.5 EH/s. The indicator does not take into account the hashrate of the GPU fleet and the North Bay (Ontario) facility. The company has been in a legal battle since January 2023 with a local electricity supplier that stopped supply for alleged non-payment.

Hut 8 and US Bitcoin announced last month a merger at parity. The combined structure, called Hut 8 Corp, is supposed to have a hashrate of 5.6 EH/s across six mining centers.

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