Hut 8 Mining Shares Pop On Solid Q3 Results, Surpasses Bitcoin Reserve Goal

Hut 8 Mining Corp HUT reported third-quarter FY21 revenue of C$50.3 million compared to C$5.8 million in the prior year.
Strong mining economics generated C$47.9 million of revenue due to 905 Bitcoin mined versus C$5.3 million of revenue and 372 Bitcoin mined in the prior-year period.
EPS was C$0.15 versus C$(0.01) last year.
"We are thrilled to have reported our third consecutive record-breaking quarterly results and to have already surpassed our goal of 5,000 Bitcoin held in reserve," CFO Shane Downey said.
The company achieved a significant milestone with the final delivery of all 10,000 NVIDIA Corp NVDA chips.
Hut 8 currently has an installed hashrate of 1.7 EH/s, including the converted hashrate from its fleet of NVIDIA GPUs.
As of September 30, Hut 8 had a total Bitcoin balance of 4,729 with a market value of C$263.8 million.
Hut 8 held C$223.2 million in cash and equivalents.
Price Action: HUT shares traded higher by 2.02% at $14.37 on the last check Thursday.

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