January 27, 2023

Hut 8 reported a decrease in the number of bitcoins mined

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Hut 8 reported a decrease in the number of bitcoins mined

Canadian mining company Hut 8 reported that 161 bitcoins were mined in December, which is 32% less than the November figure of 238 BTC. However, Hut 8's business remains solid.

According to a Hut 8 press release, in December onThe company's capacities produced an average of 5.2 BTC. In November, 7.9 BTC was mined every day. This is due to high electricity prices. However, over the year, the number of bitcoins in the company's wallets increased to 9,086, which is 65% more than at the beginning of the year.

For the fourth quarter, Hut 8 earned $31.7 million, which is noticeably less compared to $50.3 million in the third quarter of last year. At the same time, 8.5% more bitcoins were mined then compared to the same period in 2021 due to an increase in the number of mining equipment.

“I am very proud of our team and staff -together we were able to withstand the conditions of market turbulence. Despite the difficult situation, we continue to grow and accumulate bitcoins. Our financial condition allows us to look forward to 2023 with optimism,” said Hut 8 CEO Jaime Leverton.

Earlier, the mining company Marathon Digital announced that it closed all obligations on revolving loans and after that significant funds remained in its accounts - over $100 million.