Hut 8: reported losses and missed forecasts
The company reported a net loss of $23.7 million, which was $19.4 million more than analysts had expected.
Revenue was also lower, for which analysts had expected $36.3 million, while it turned out to be $31.7 million. In terms of coins mined compared to 2021, there was an increase: of 982 vs. 905.
With the introduction of new miners, the working capacity increased to 3.07 EH/s. Hut 8 was able to avoid a bitcoin inventory sell-off, unlike many miners who were forced to do so due to increased electricity costs and the falling bitcoin price.
According to CEO Jaime Leverton:
The company continues to mine cryptocurrency despite the current market situation. The most important aspect of the work is to follow conservative balance sheet management principles. The increased capacity has reduced the cost of mining one coin by 29%.
Efficient capital management will allow Hut 8 to provide shareholder value not only in the next year but also in the longer term.