Hut 8, a cryptocurrency miner, reports a new high in income as BTC holdings increase by 100 percent.

    The financial results weren’t all positive, however, as the Bitcoin miner posted a surprise loss in the fourth quarter.

    Canadian cryptocurrency miner Hut 8 posted mixed financial results on Thursday, as revenue and mining profitability soared while overall net income declined — underscoring a volatile end to the year for Bitcoin (BTC) and the broader digital asset market. 

    The Toronto-based company, which trades publicly on the Nasdaq and TSX, saw its revenues surge to $45.69 million ($57.901 million CAD) in the fourth quarter of 2021, up from $10.25 million ($12.986 million CAD) the year before. Full-year revenues were $137.1 million, up 326% compared with 2020.

    Despite generating a large profit from mining activities, the company posted an overall loss of $0.53 ($0.67 CAD) per share in the fourth quarter. Losses amounted to $0.43 ($0.54 CAD) per share in all of 2021.

    Shares of Hut 8, which trade under the ticker symbol HUT, fluctuated within a narrow range on Thursday. The stock was last seen trading at $5.23, according to TradingView data.

    Over the past 12 months, HUT has behaved very much like a crypto proxy stock as its movements have been strongly correlated with Bitcoin and the broader digital asset market. HUT peaked near $16 in early November just as Bitcoin printed a new all-time high north of $69,000.

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