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.

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Bitcoin – The Currency of the Internet

Guys come on. It took me two minutes. Let’s get this ETF approved. There are nearly 1 Million If us and yet there are a mere 90 comments. If you care about bitcoin’s development please leave a comment. Simple how-to guide in this post

Guys, this is a very important step for bitcoin/cryptocurrency. We all want growth, are you willing to spend two minutes of your time to help do something big? If not for the tech at least do it so your holdings go up in value :-p

For those of you who don’t want to read to figure it out, follow these steps:

1) Send an email to: rule-comments@sec.gov

2) Paste this into the subject line: Release No. 34-83520; File No. SR-CboeBZX-2018-040

3) Send a basic or wordy email about why you think bitcoin/cryptocurrency/Blockchain tech is good for the world. At the very least say, “Please approve this ETF because i believe bitcoin is an important creation and needs to have the chance to grow” or something like that, please don’t quote that verbatim.

Here is a really great comment to model yours off of if you want more things to say:

https://www.sec.gov/comments/sr-cboebzx-2018-040/cboebzx2018040-168298.htm

And finally here is the link to see others comments/how to submit on the official site: https://www.sec.gov/comments/sr-cboebzx-2018-040/cboebzx2018040.htm

From madbanker1, “Seeing as the SEC is mostly concerned about protecting investors, one angle to include in comments is the fact the lack of an ETF does not prevent people from investing in bitcoin, and that without an ETF, retail investors are currently required to take great risk when investing in bitcoin :)”

Similarly, if you want to go the extra mile, read this comment and listen to him.

https://www.reddit.com/r/Bitcoin/comments/8zr858/comment/e2l8lji?st=JJQRMHMG&sh=a21ac6cf

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Bitcoin – The Currency of the Internet