Within the first three months of 2018, the Hut 8 Mining Group mined an impressive 800 Bitcoins. This remarkable return was announced recently by the company which is backed by Bitfury.
During the release of the finance results for the first quarter of 2018, the firm managed to amass a whopping 70 million Canadian Dollars, which will be redirected toward the acquisition of additional mining equipment. Furthermore, the Hut 8 Mining Group has designated 11 million CAD to fund the establishment of a new mining facility within Canada. The CEO, Andrew Kiguel, expressed his optimism in the company’s future progress, given that it started operating towards the end of last year.
In addition to the 828 BTC that the firm has mined since the turn of the year, the group had mined an estimated 500 BTC last December. Therefore, the establishment now has over 1,300 BTC in its cryptocurrency reserves.
Despite these successes, the Hut 8 Mining Group is still dedicated to increasing its area of operations as well as upgrading its infrastructure to align with the latest technological advancements. In this regard, the company has already laid the foundations for a new datacenter located at the City of Medicine Hat. Once completed, this new facility is expected to increase the mining capabilities of the Hut 8 Mining Group by over three times compared to the current capacity.
New Mining Facility
The City of Medicine Hat facility will feature state-of-the art infrastructure, with the highlight being an extra 40 Block boxes. As of now, the company owns 17 Blockboxes, which means that after the completion of the aforementioned outlet, this number will increase to 57, representing a 335% growth in mining power. Consequently, the Hut 8 Mining Group will have a total power capacity of 66.7MW and a hashing power of 448 PH/s, making the firm one of the most powerful mining companies across the globe. By constructing this world-class datacenter, this company hopes to set an industry precedent that other players will use as a benchmark for future developments.
Going by the prevailing market prices, the Hut 8 Mining Group currently sends 2,615 CAD to mine one Bitcoin. The profits, however, are adversely affected by the occasional plummeting of BTC’s value, resulting in losses amounting to 4 million CAD. Nevertheless, the company is still making respectable profits despite these fluctuations. Reputedly, the gross profit amount to an estimated 9 million CAD.