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Canadian bitcoin mining firm Hut 8 reports over 250% growth in revenue

Canadian based HUT 8 reported a net profit of $25.3 million in the second quarter of this year after suffering a loss of $3.6
Canadian based HUT 8 reported a net profit of $25.3 million in the second quarter of this year after suffering a loss of $3.6 million in the last year.

Canda based bitcoin mining company HUT 8 reported a net profit of $25.3 million in the second quarter of this year after suffering a loss of $3.6 million in the last year. Revenues of the company have also increased from $5.88 million in the second quarter of last year to $21.3 million Q2 of this year.

Andrew Kiguel, CEO of Hut 8, said that Q2-2019 represents Hut 8’s best quarter on all aspects since its inception. This bitcoin mining firm is listed on the Toronto Stock Exchange.

Kiguel further informed that they reduced their cost of mining to US$2,757 at the end of last year and the price of bitcoin jumped from US$4,158 at the beginning of the quarter to $10,817 at the end of the quarter which helped them achieve those numbers. The company also went some cost-saving measures at the end of last year to maintain a lean cost structure. This strategy enabled them to leverage the appreciation in the price of bitcoin.

The company started in December 2017, and since then the mining firm has mined over 10,800 bitcoins.

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