The income of the mining company Hut 8 for 2019 increased by 66%
According to the annual report of the Canadian mining company Hut 8 Mining Corp., its revenue for the last year amounted to $ 58 million, which is 66% more compared to the figures for 2018.
As Hut 8 explained in her report, such a significant increase in profits is due to the opening of a site in the Canadian city of Medicine Hat in mid-2018 and the acquisition of 12 additional BlockBox AC data centers in early 2019. However, in connection with this, the company’s current expenses have also increased. The total profitability of mining Hut 8 last year fell to 45%, although a year earlier its profit was 50%.
The company’s profit before taxes, interest, depreciation and amortization increased from $ 13.65 million in 2018 to $ 23.7 million in 2019, an increase of 73%. Recall that in 2018 the company suffered a total loss of $ 136 million. According to Hut 8 Chief Financial Officer Jimmy Vaiopoulos, 2019 was a key year for the company, as it managed to pay off debts and increase production capacity, thereby increasing profit.
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Last fall, Hut 8 acquired another 9 BlockBox AC data centers from software and hardware developer Bitfury Group for a total of $ 7 million. Today, Hut 8 operates two sites in Canada with 94 BlockBox AC data centers with a maximum capacity of 107 megawatts and a hash rate of 952 ph / s.