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.

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

Bitcoin – The Currency of the Internet

Bitflyer Contests Reports of Insufficient Customer Verification Process (

Japan’s largest cryptocurrency exchange Bitflyer has contested media reports that the Japanese financial regulator has deemed its user verification process to be insufficient. Nonetheless, the exchange admitted to being in talks with the authority and has implemented additional measures.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto


Japan Exchange Bitarg Denies Yahoo Acquisition Press Reports (

Media outlets are touting what would amount to a major shake-up of cryptocurrency exchanges, Bitarg Exchange selling off a little less than half its business to Yahoo Japan. Reports even detailed how Yahoo Japan (YJFX) would then launch still another exchange built on Bitarg’s system by spring of next year. As of March 23, Bitarg is vigorously denying press accounts, insisting they were instead “studying various possibilities.”

Also read: 


Poland Refutes Reports of Its Interest in Venezuela’s Oil-Backed Cryptocurrency (

Poland’s Ministry of Finance has refuted reports that it is interested in the petro, the Venezuelan ”oil-backed” currency. Earlier this month, Venezuela reportedly claimed that a handful of countries have expressed interest in receiving the petro for commerce with Venezuela such as Norway, Denmark, Brazil, Vietnam, Poland, and others.
Also read: