Mining company Hut 8 began to profit again

The Canadian mining company Hut 8 again began to make a profit, as reported in the new financial report for the second quarter of 2019.

The company reported net income of $ 25.3 million, compared with a loss of $ 3.6 million in the second quarter of 2018. Revenue also increased to $ 21.3 million, which is 262% more than the same indicator for the second quarter of last year. Hut 8 CEO Andrew Kiguel said:

“The second quarter of 2019 represents the best period for Hut 8 in all respects since the inception of the company. We reduced the cost of mining to $ 2,757, while the price of bitcoin increased from $ 4,158 at the beginning of the quarter to $ 10,817 at the end of the quarter. ”

In addition, Kigel said that at the end of 2018, “significant” cost-cutting measures were taken in Hut 8 to ensure that their “minimized” structure was maintained. Recall that in May it was reported that Hut 8 lost $ 136 million in 2018.