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

Mining • August 29, 2019, 5:40AM EDT
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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.

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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.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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