Toronto-based Bitcoin mining company Hut 8 has seen record high revenue in the next quarter of 2018, which reached $13.5 million, with $27.7 for the eight months ending on Sep. 30.
Canadian Bitcoin (BTC) mining company Hut 8 has reported record revenue in the next quarter (Q3) of 2018, according to the company’s quarterly financial report published Nov. 8. Hut 8, which claims to function “the biggest ” people crypto mining company by working capacity and market capitalization, has shown its financial results for Q3 of this year, saying that its revenue reached a record high $13.5 million to Q3, and $27.7 million for the eight months ending on Sep. 30. Revenue rose by 126 percent in contrast to the prior quarter revenue of $5.9 million. Hut 8 credited the increase to its deployment of 16 Bitfury BlockBoxes at September at its mining facility at the City of Medicine Hat, for an aggregate of 56 BlockBoxes at the site. Each BlockBox comprises 176 mining servers and also allegedly has a hashrate of $13.7 Pethashes per second (Ph/s).In Q3, Hut 8’therefore price for mining just one Bitcoin was 3,394, which can be lower compared to the current market price of around $6,400, which is reflected in the accounts as the company’s mining gain for Q3 was $6.6 million, with a mining profit margin of 51 percent. The BTC price considerably valued through the quarter, whilst competition from additional BTC miners increased. Another variable was that the record high temperatures at Alberta, which resulted in increased energy costs at Hut 8’s Drumheller facility.The firm expects that the efficiency of Application-Specific Integrated Circuit (ASIC) chips used to mine cryptocurrencies increases during the winter months, which subsequently increases performance within another quarter.Hut 8 started its Medicine Hat facility in July in partnership with all BTC mining equipment manufacturer BitFury. At that time, Hut 8’d flown approximately 1,000 BTC since its launch in December of past year.Meanwhile, BTCC Pool, the mining performance of Hong Kong-based cryptocurrency exchange BTCC, announced it will close “indefinitely” by the close of November due to unknown “business adjustments. ” BTCC nevertheless expressed a sense of optimism, hinting that the decision to close down wasn’t strictly permanent. […]