Hut 8 Mining reports 97% growth in total bitcoin balance in reserve

Hut 8 Mining (NASDAQ:HUT) reported 276 Bitcoin were mined in December, leading to an average production rate of 8.9 Bitcoin per day; 100% of self-mined were deposited into custody. As of Dec.31, 2021, total bitcoin balance held in reserve stood at 5,518, a 97% increase from the prior year-end; current installed operating capacity stands at 2.0 EH/s, a 125% increase in hashrate from Dec.31, 2020. During December, the company purchased 2,505 MicroBT M30S machines from Foundry Digital which added incremental hashrate of 228 PH/s during the month. It also installed 2,782 more efficient MicroBT M30S and M31S+ machines at company site in Drumheller, Alberta. The company expects to have the North Bay site powered up in mid-1Q22 and fully operational at 35 MW by the end the quarter, contributing ~850 PH/s of additional hashrate to its operations, which is expected to bring total hashrate across all three sites to 3.35 EH/s by 1Q22