In the first quarter of 2022, Canadian mining company Hut 8 Mining generated CAD 53.3 million in revenue. The 942 BTC mined over the period brought the firm 49.3 CAD of the total.
In addition to mining operations, Hut 8 received income from hosting services in January-March (about $0.6M) and a HPC service (around $2.5M).
The firm’s total revenue for the quarter increased 67% year-over-year.
The company has deployed 9,592 new MicroBT miners (Whatsminer M30S, M30S+ and M31S+) at facilities in Drameller and Medicine Hut in Alberta. This allowed it to increase its own hash rate to 2.54 EH/s as of March 31.
The company has noted that in the first quarter of 2021, the cost of mining 1 BTC was approximately $25,900, while in the reporting period it was about $18,000.
