If there are clear winners of the crypto market in 2019, they are certainly the miners. Many companies are seeing huge improvements in their profits during the second quarter of 2019. Hut 8 Mining Corp. was the latest one to publish amazing results.
During Q2 2019, the Toronto Stock-listed company saw its net profits go up from a net loss of $3.6 million USD to a profit of around $25.3 million this year. Quite an improvement. Revenues also increased by over 250%. The revenue from the same quarter last year was $5.8 million USD and this year it was $21.3 million USD.
According to the CEO of the mining company, Andrew Kiguel, this was the best quarter that the company ever had since it was founded. The main reason for the success of this was that mining costs were reduced considerably and the price of Bitcoin went up quite fast.
This combination of low prices ($2,757 USD per BTC) with BTC going as high as $10,000 during the quarter was essential for the record-breaking performance. According to Kiguel, the improvements did not happen alone. The company was very focused on reducing costs and optimizing its systems at the end of 2018 when the bear market was putting several companies out of business.