Canada-listed bitcoin mining firm Hut 8 swings to profit in Q2; revenues up over 250%

Hut 8 Mining Corp., a bitcoin mining firm listed on Toronto Stock Exchange, has returned to profit in the second quarter of 2019.

The company has reported a net profit of 33.7 million Canadian dollars (~US$25.3 million), as compared to a net loss of 4.9 million Canadian dollars (~US$3.6 million) in the corresponding quarter of 2018.

Revenues also have increased to 28.3 million Canadian dollars (~US$21.3 million), up 262% from 7.8 million Canadian dollars (~US$5.88 million) in Q2 of 2018.

“Q2-2019 represents Hut 8’s best quarter on all metrics since inception,” said Andrew Kiguel, CEO of Hut 8, adding: “We reduced our cost of mining to US$2,757 while the price of bitcoin appreciated from US$4,158 at the beginning of the quarter to US$10,817 at the end of the quarter.”

Kiguel further said that Hut 8 underwent “significant” cost-saving measures at the end of 2018 to ensure maintaining a “lean” cost structure.