Canadian Crypto Mining Company Hut 8 Mines 942 BTC in Q1

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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.