Additionally, Hut 8 mined Bitcoin at an average of 5.2 BTC per day in December. This is down from his November average of 7.9 BTC/day. The company had a total of 9,086 Bitcoins on December 31st.
As reported, the drop in production is due to higher energy prices that have forced mining companies to sell power back to providers. As part of its efforts to mitigate the impact of issues with energy suppliers, Hut 8 is exploring organic and inorganic growth options.
December production brings Hut8’s Bitcoin treasury to 9,086, up 65% from its balance at the end of 2021. Following a long-standing strategy, Hut 8 vaulted 100% of its self-mined bitcoins in December.
Lower earnings in Q3 2022
hat eight net revenue is $50.3 million in Q3 2021 In Q3 2022, it decreased by $18.6 million to $31.7 million. However, as reported, our company mined 982 bitcoins in his Q3 2022. This is an 8.5% increase from Q3 2021 due to the expansion of our miner fleet and mining activity.
As of November 2022, Hut8 is one of the few mining companies to increase its bitcoin holdings in the face of a market downturn. Mining companies have been hit hard by the cryptocurrency bear market. As reported by CryptoSlate, Bitcoin mining revenue fell 37.5% in December.