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

Since leaving prison, Charlie Shrem has purchased two Maseratis, two powerboats and a $2 million house in Florida. The Winklevoss twins think Shrem used money he stole from them. They are suing to get it back.

Since leaving prison, Charlie Shrem has purchased two Maseratis, two powerboats and a $  2 million house in Florida. The Winklevoss twins think Shrem used money he stole from them. They are suing to get it back. submitted by /u/127fascination
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Bitcoin – The Currency of the Internet

“A lot of people dismiss e-currency because of all the companies that failed since the 1990’s. It was the centrally controlled nature of those systems that doomed them. I think this is the first time we’re trying a decentralized, non-trust-based system” Satoshi Nakamoto #BitcoinAt10

"A lot of people dismiss e-currency because of all the companies that failed since the 1990's. It was the centrally controlled nature of those systems that doomed them. I think this is the first time we're trying a decentralized, non-trust-based system" Satoshi Nakamoto #BitcoinAt10 submitted by /u/SocialElementGroup
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Bitcoin – The Currency of the Internet

“Using Bitcoin to facilitate a crime is one of the stupidest things a criminal could do, since crypto transactions are transparent to all, can be traced, and are recorded forever in the blockchain. I can think of much better ways to hide transactions — cash, for example.”

Great article, so glad to see Tomer Federman put Krugman in his place – "5 things Paul Krugman gets wrong about crypto": https://medium.com/federman-capital/5-things-paul-krugman-gets-wrong-about-crypto-fda8577f5362

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Bitcoin – The Currency of the Internet