Canadian Bitcoin miner Hut 8 records year of strong growth

In 2019, the turnover fromu mining of Bitcoin of the Canadian listed company Hut 8 progressed by + 66%.

In its latest financial report, the Canadian Hut 8 indicates to have recorded a turnover of $ 82 million from the extraction of 8,618 bitcoins, an increase of 66% compared to 2018 ($ 49.4M). We also learn that the miner increased his petahash capacity by 19.6% and that he was able to repay $ 5.3 million in debts.

2019 was a pivotal year for Hut 8, because we have achieved net profitability that has allowed us to grow operating capacity and pay down debt, "commented Jimmy Vaiopoulos, CFO of Hut 8.

The increase in the price of Bitcoin between December 2018 and December 2019 helped the firm achieve a positive balance with a profit of $ 4.1 million.

Last year, it finalized the installation of its new mining farm in the town of Medicine Hat located in the Canadian province of Alberta.

Bitcoin's having approach

The next halving bitcoin is a major industry event […] We expect that many less efficient miners will arrest their miners unless the price of bitcoin appreciates considerably before that date, "she wrote about the halving of may

If the bitcoin price does not increase by then, the income of the company, but also of all other miners, will be thus halved from next month.

We expect the bitcoin price will appreciate after halving, as it did in the last two events. However, how these factors play out is difficult to predict, ”concluded Hut 8.

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