Canada’s Hut 8 Bitcoin Mining Firm Surprises Crypto Market with $13.5 Million in Q3 Revenue
Hut 8, a Canadian Bitcoin mining company has registered a record revenue during the third quarter of the current year. The information was released by the company on its quarterly financial report published on November 8.
The company claims to be the world’s largest public cryptocurrency company by operating capacity and market capitalization. As per the report, the company registered a record revenue of $13.42 million dollars for the third quarter. During the first nine months of the year, the company registered $27.59 million dollars.
Compared to the previous quarter revenue of $5.9 million dollars, the revenue increased by 126%. The company believes that this increase in its revenue is related to the deployment of 16 Bitfury BlockBoxes in September. Apparently, each BlockBox has 176 mining servers that have a hash rate of 13.7 Pethashes per second (PH/s).
According to the report, the company mined 1,978 BTC and each BTC cost 3,394 dollars to be mined. At the time of writing, Bitcoin is being traded around $6,450 dollars. That means that the cost of mining a coin was 52% cheaper than the current Bitcoin market price.
Hut 8 says that they are one of the lowest-cost BTC mining companies all over the world. This is something that can be seen in the report with the cost they have each time they mine a Bitcoin. Nevertheless, the company explains that they had to increase electricity costs at Hut 8’s Drumheller facility because there were record high temperatures in Alberta.
Moreover, the firm could be registering better results during the coming months since the performance of the miners will increase during the colder months. The company announced back in July that they completed their second mining facility in Canada.
Andrew Kiguel, Chief Executive Officer of Hut 8, commented about the results of the third quarter:
“Our Drumheller facility represents approximately 20% of our operations. This summer, a record-setting heat wave in the province resulted in increased electricity costs during certain periods. The result was increased electricity costs at the Drumheller site by approximately $0.01 per Kilowatt hour on average.”
The company is headquartered in Toronto and works with the Bitfury Group to mine virtual currencies. At the same time, Hut 8 provides exposure to Bitcoin without constraints of purchasing the underlying virtual currency.