MINING COMPANY HUT 8 LOST $136 MILLION IN 2018

Canadian mining company Hut 8 at the end of 2018 received an income of about $50 million, but taking into account the costs incurred a total loss of more than $136 million.

According to the firm’s annual report, Hut 8, which is considered one of the world’s largest public cryptocurrency mining companies, generated revenue of $49.4 million in 2018. Profit before taxes, interest, depreciation and amortization of the company for the year amounted to $19.3 million, but with all expenses losses reached $136.7 million.

Currently, Hut 8 operates 85 mining centers around the world, and the results of 2018 reflect the fate of many mining companies during the “bear” cryptocurrency market.

The company will continue to focus solely on mining BTC rather than other cryptocurrencies, and leaders expect bitcoin’s price to continue to rise in the near future.

“During 2018, the average cost of Hut for the production of 1 BTC was constantly below the market price,” commented operations Director Andrew Kiguel.

 

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