North American crypto miner Hut 8 reported annual revenue of CA$150.7 million ($109 million) — a decrease of CA$23.1 million compared to the previous year — and a 65% increase in bitcoin holdings.
Hut 8 mined 3,568 bitcoins last year — an increase of 28% over 2021, which it attributed to an increase in hash rate resulting from its fleet expansion.
Last month, Hut 8 announced a merger with US Bitcoin (USBTC) to form Hut 8 Corp., which will be based in the United States. It also filed a statement of claim in the Superior Court of Justice of Ontario against Validus Power Corp. and its subsidiary, Bay Power Corp., the third-party energy supplier to Hut 8's facility in North Bay, Ontario, the month prior.
(By Adam James)
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