Canada-based cryptocurrency mining company Hut 8 Mining made 53.3 million CAD in revenue in the first quarter of 2022. The 942 BTC the company mined over the period brought the firm 49.3 CAD ($37.8 million) of the total.
In addition to mining operations, Hut 8 generated revenue from its hosting services ($0.6M) and HPC ($2.5M) between January and March.
The company’s total revenue in Q1 increased by 67% yoy.
The company has deployed 9,592 new MicroBT miners at facilities in Drameller and Medicine Hut in Alberta, which has allowed it to increase its own hashrate to 2.54 EH/s as of March 31st.