Hut 8 Q1 crypto mining production soared 75% thanks to new MicroBT rigs (NASDAQ:HUT)

Hut 8 Q1 crypto mining production soared 75% thanks to new MicroBT rigs (NASDAQ:HUT)

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Canadian-based Hut 8 Mining (NASDAQ:HUT) Q1 earnings on Thursday topped Wall Street expectations as its cryptocurrency mining operations proved to be robust during the quarter.

“Our mining operations, thanks in large part to the installation of nearly 9,600 new MicroBT miners, continued to deliver strong results during the first quarter,” said CFO Shane Downey. “We realized strong revenue and profitability while advancing our HODL strategy.”

Q1 EPS of C$0.31 (US$0.24) breezed past the average analyst estimate of C$0.07 and surged from C$0.15 in Q1 2021. Revenue of C$53.3M fell short of the consensus of C$57.4M but climbed from C$32M in the year-ago period, driven by a larger amount of bitcoins (BTC-USD) mined, partially offset by a decline in the price of BTC. In turn, the average revenue per BTC mined was C$52.3K in Q1, down from C$56.6K in the year-ago period.

The number of digital assets mined was 942 in Q1 vs. 539 in Q1 of last year. Mining profit was C$32.91M in Q1, compared with C$17.5M in Q1 2021.

Adjusted EBITDA of C$27.11M in the first quarter nearly doubled from C$16.2M in Q1 2021.

Shares of Hut 8 Mining (HUT) are sliding more than 3% in premarket trading, as bitcoin (BTC-USD -4.3%) drops more to $28.1K as of shortly before 9:00 a.m. ET.

Conference call at 10 a.m. ET.

Previously, (May 6) Hut 8’s bitcoin mining production fell 10.4% in April.

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