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Crypto Miner Hut 8 Posts Record Sales: Bitcoin (BTC) Holdings Up 100 Percent

 


Canadian cryptocurrency miner Hut 8 released mixed financial results on Thursday. Although sales and mining profitability increased on the one hand, overall net profit fell on the other. This underscores the volatile year-end for Bitcoin ( BTC ) and the digital asset market as a whole.


The Toronto-based company, which is listed on the Nasdaq and the TSX, reported revenue up to $45.69 million in the fourth quarter of 2021. For comparison: In the previous year it was still 10.25 million US dollars. Revenue for the full year was $137.1 million. This corresponds to an increase of 326 percent compared to 2020.


Despite the high profit from mining, the company posted an overall loss of $0.53 per share in the fourth quarter. Losses totaled $0.43 per share for all of 2021.


Shares of Hut 8, which trades under the ticker symbol HUT, traded in a narrow range on Thursday. The stock was last trading at $5.23, according to TradingView.


Over the past 12 months, HUT has behaved very much like a crypto proxy stock , as its movements have been highly correlated with Bitcoin and the digital asset market as a whole. HUT peaked at $16 in early November. That was exactly the time Bitcoin posted a new all -time high above $69,000 .



Hut 8 stock price has skyrocketed in the fourth quarter of 2021. This indicates a strong correlation with Bitcoin. Source: TradingView


In its quarterly report on the results, Hut 8 announced that it had mined 2,786 BTC in 2021. This has increased his total holdings to over 6,200 BTC. Bitcoin reserves are worth over $254 million at the current rate.


Only five other public companies hold more BTC than the Canadian miner : namely MicroStrategy, Tesla, Marathon Digital Holdings and Block (formerly Square).

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