Hut 8 Q1 crypto mining production soared 75% thanks to new MicroBT rigs

Canadian-based Hut 8 Mining (NASDAQ:HUT) Q1 earnings on Thursday topped Wall Street expectations as its cryptocurrency mining operations proved to be robust during the quarter. "Our mining operations, thanks in large part to the installation of nearly 9,600 new MicroBT miners, continued to deliver strong results during the first quarter," said CFO Shane Downey. "We realized strong revenue and profitability while advancing our HODL strategy." Q1 EPS of C$0.31 (US$0.24) breezed past the average analyst estimate of C$0.07 and surged from C$0.15 in Q1 2021. Revenue of C$53.3M fell short of the consensus of C$57.4M but climbed from C$32M in the year-ago period, driven by a larger amount of bitcoins (BTC-USD) mined, partially offset by a decline in the price of BTC. In turn, the average revenue per BTC mined was C$52.3K in Q1, down from C$56.6K in the year-ago period. The number of digital assets mined was 942 in Q1 vs. 539 in