Canadian Bitcoin Miner Hut 8 Reports Q3 Loss of $8.7 Million. What do you think about Hut 8’s quarterly performance? Let us know in the comments below.

Canadian Bitcoin Miner Hut 8 Reports Q3 Loss of $  8.7 Million. What do you think about Hut 8’s quarterly performance? Let us know in the comments below.

Hut 8 Mining Corp., a Canadian bitcoin mining company, has released its third quarter earnings report, which shows a net loss of US $ 8.7 million on higher depreciation costs. Depreciation spiked to $ 13.3 million, wiping out mining profit which came to $ 6.7 million.

Revenue Soars but Profits Fall

During the third quarter of 2018, the Toronto-listed miner extracted 1,978 BTC at a cost of $ 3,394 per coin, almost half the average market price of bitcoin for the three months, which averaged $ 6,400. Hut 8 said this difference explains the profit on mining, at margins of about 51 percent. Overall, the company mined 3,581 BTC for the nine months to Sept. 30, and 4,200 BTC since operations began in December 2017.

According to the earnings release published Nov. 8, Hut 8 reported revenue increase of 126 percent to $ 13.4 million from $ 5.9 million the previous quarter due to increased operational capacity. The $ 189 million-valued company deployed an additional 16 Blockboxes in September at its mining facility in the City of Medicine Hat (CMH), bringing it to a total 56 Blockboxes at the site.

Adjusted earnings before interest, tax, depreciation and amortization soared 86 percent to $ 5.5 million from $ 2.96 million a quarter earlier, “largely as a result of increased revenue from the new facility at CMH.” Hut 8 expects to see improved efficiency of the ASIC chips used to mine bitcoin during the colder months in Alberta, western Canada.

Through Bitfury, Hut 8 has access to a proprietary mix of hardware, software and operational expertise to construct, optimize and manage data centres in low-cost and attractive jurisdictions.

Shares of Hut 8 are up 4.21 percent at $ 2.25 in Toronto trading at the time of going to press. Over the past 52 weeks, Hut 8 shares have reached a high of $ 3.80 and a low of $ 1.77.

What do you think about Hut 8’s quarterly performance? Let us know in the comments below.

https://i.redd.it/imycyxv6uhx11.png

submitted by /u/hexabond
[link] [comments]

Bitcoin – The Currency of the Internet

Guys this is most excited I’ve been about Bitcoin in a long time!

So we are hitting that "flat" "boring" horizontal tail BTC always gets after an ATH. And its … holy sh*t $ 6K! Not $ 27 down to $ 3-7, not $ 250 down to $ 50, not $ 1200 down to $ 250, but literally we are holding $ 6K after hitting $ 20K! Absolutely amazing!

Adoption is going up. Interest is worldwide. Money is still pouring into crypto left and right – sure not nearly as much as a year ago but that kind of mania was unsustainable and unhealthy anyway.

This is the great HODL time. Buy coins, stash them away. Not many are paying attention. Everyone once again "thinks" they missed the Bitcoin train – just like when it was holding the prices after previous ATHs.

Every day we get closer to the next manic buying period where people will bid it up again way over any previous numbers. No one knows when, but I have full faith it will happen again. Bitcoin is sound money the likes of which the world has never seen before. Time will prove that.

Good luck everyone, and HODL!

submitted by /u/jwBTC
[link] [comments]
Bitcoin – The Currency of the Internet