246% increase in working capital, $ 40.7 million in total revenue, 87% year-on-year increase in net income before tax

The company has released its 2020 year-end results along with an updated bitcoin balance for March 24, 2021.

TORONTO, March 25, 2021 / CNW / – Hut 8 Mining Corp. (TSX: HUT), one of the North America oldest, largest and most innovative bitcoin miners, today announced financial results for the year ended December 31, 2020.

Logo Hut 8 Mining (CNW Group / Hut 8 Mining Corp.)

Hut 8 also announces that 5 p.m. ET on March 24, 2021, their bitcoin balance was 3,233, a 17% increase from the December 31, 2020 balance.

Results for fiscal year 2020 (compared to fiscal year 2019):

  • The total turnover was $ 40.7 million in 2020 compared to $ 82.0 million in 2019.

  • Working capital at December 31, 2020 has been $ 75.7 million, an increase of 246% compared to the working capital of the previous year of $ 21.9 million.

  • The site’s operating costs for fiscal year 2020 were $ 39.7 million from the previous year of $ 45.4 million.

  • Expenses of $ 3.4 million during fiscal year 2020 were reduced by 45% compared to $ 6.1 million.

  • Realized and unrealized gain of $ 77.2 million.

  • Adjusted EBITDA of $ 1.4 million in Q4-2020; however, a negative adjusted EBITDA of $ 2.1 million for 2020

  • Net income before tax increased by 87% to $ 4.0 million net profit for the previous year of $ 2.1 million.

  • Cabin 8 recognized a $ 15 million recovery of deferred taxes which had a net effect of zero because there was an offsetting amount recognized against the unrealized gain of $ 60.7 million via the equity section of the Hut 8 balance sheet. This resulted in a net profit of $ 19.0 million

Highlights of activities for fiscal 2020:

  • Site operations management transferred to Hut 8 from Bitfury.

  • Purchase of 300 PH / s bitcoin mining equipment, all of which have been installed and are working successfully.

  • Hut 8 became the first company to successfully enter and exit the TSX sandbox, solidifying its place as a TSX issuer.

Highlights of Fiscal Year 2021 Activities:

  • Cabin 8 has fully reimbursed its $ 20 million The Genesis Global Capital loan with all the bitcoin guarantees returned to Hut 8.

  • Hut 8 secured an additional 5,400 M30S miners consisting of 475 PH / s, of which 400 were successfully installed, the remainder to be delivered monthly until by July 2021.

  • Hut 8 hit its target of 1.0 PE / s in early January and is on track to reach 1.3 PE / s by the second quarter of fiscal 2021.

  • Hut 8 has established a yield account with Genesis Capital where it earns 4% interest per year on 1,000 bitcoins.

“The global strength of our company and mining operations has enabled us to hold the largest amount of self-mined bitcoin on the balance sheet of any publicly traded company in the world despite a difficult year for bitcoin miners in the world. industry, “said Jaime Leverton, CEO of Hut 8. “Now with a new management team, increased revenue diversification and one of the largest amounts of installed capacity of active mining during this current period of highly profitable mining economy, I am incredibly optimistic about the future of Hut 8. “


Hut 8 had minimal impact on its ongoing operation; However, all staff have taken precautionary measures to minimize the spread of the COVID-19 virus.

Forward-looking information

Certain information contained in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information may be identified by the use of forward-looking terminology, such as “plans”, “targets”, “expects” or “does not expect”. not “,” is planned “,” estimates “,” intends “,” assumes “,” anticipates “or” not having “,” would “,” could “,” will “or” will be taken ” , “to occur” or “to be reached”. In addition, any statement that refers to expectations, projections or other characterizations of future events or circumstances contains forward-looking information. Statements containing forward-looking information are not historical facts, but rather represent management’s expectations, estimates and projections regarding future events. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates which, although considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to , the factors described in more detail in the “Risk factors” section of the annual information of Hut 8 Dated form March 25, 2021, which is available at www.sedar.com. These factors are not intended to represent a complete list of factors that could affect Hut 8; however, these factors must be considered with care. There can be no assurance that these estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or change any statements containing forward-looking information, or any factors or assumptions that underlie them. tend, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

Non-IFRS measures

This press release introduces some non-IFRS (“IFRS“refers to International Financial Reporting Standards) to help readers understand Hut 8’s performance. These non-IFRS measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other issuers and should not be considered in isolation or as a substitute for performance measures prepared in accordance with IFRS. Management uses these non-IFRS measures to supplement the analysis and assessment of performance In this press release, the following terms are used, which are not found in the Chartered Handbook of Professional Accountants of Canada and do not have standardized meanings under IFRS: EBITDA (earnings before interest, taxes, depreciation and depreciation): (a) “EBITDA” represents net income or net loss excluding net financial income or expenses, income tax or r salvage, depreciation and amortization; and (b) “Adjusted EBITDA” represents EBITDA adjusted to exclude share-based compensation on, fair value loss or gain on revaluation of digital assets, write-offs and costs associated with one-off transactions (such as registration fees).

About cabin 8:

Cabin 8 is one of the North America oldest, biggest and most innovative bitcoin miners. Hut 8 has one of the highest installed capacity rates in the industry and is the world’s # 1 self-mined bitcoin owned by any crypto miner or publicly traded company. Recently ranked 11th (out of 10,000) on the 2021 OTCQX® Best 50, the Hut 8 leadership team is continually looking for ways to accelerate innovation in high performance computing and the blockchain ecosystem. We are the custodians of powerful and industry-leading solutions and engines of innovation in digital asset exploration and high performance computing. – Hut 8 applies a spirit of growth to our strategy of income diversification, ESG and carbon footprint reduction. We are a company committed to increasing shareholder value regardless of the #BTC market direction. #HodltheHut

SOURCE Hut 8 Mining Corp.



View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2021/25/c9789.html

About Donnie R. Losey

Check Also

Celonis Launches New Anti-Inflation Accounts Receivable Apps to Increase Working Capital and Reduce Costs

NEW YORK and Munich, Germany, November 9, 2022 /PRNewswire/ — CELOSPHERE 2022 – Celonisthe global …

Leave a Reply

Your email address will not be published.