Bitcoin mining brought Canadian company Hut 8 Mining Corp. 82 million Canadian dollars ($58 million) in revenue in 2019.This is66% more than a year earlier, the company said in a statement of financial performance.
</p>In total over the past year, Hut 8 mined 8 618 BTC with a 45% profitability.
The cash flow allowed the company to finance from its own funds an increase in mining capacities by 19.6% and to pay off debt obligations by $ 3.75 million.
The company's net profit for the year amounted to $ 1.51 million.
"2019 was a banner year for Hut 8 as we achieved the final profitability that allowed us to increase operating capacity and pay off debt,"Hut 8 CFO Jimmy Wiopoulos said.
According to the company, it operates two mining facilities in the province of Alberta (Canada). Their combined power consumption is 107 MW with a hash rate of 952 PH / s.
The company in the report noted that the upcoming halvingBitcoin will have a negative impact on mining profitability without a corresponding price increase. However, the company’s management expects that, after a reduction in remuneration, less efficient industry players will cease operations, resulting in lower hashrate and competition. Therefore, the company finds it difficult to accurately assess the impact of halving.
Recall, Hut 8 started a mining business inDecember 2017 with equipment from BitFury Group. In 2018, companies continued to expand the Canadian firm's ability to mine bitcoin with the installation of additional BlockBox data centers.
