In its third quarter results report, Canadian crypto miner Hut8 announced that it had exceeded its target earlier this year to retain 5,000 bitcoins (BTC) in reserves through mining. The Bitcoin balance is now 5053 and the total market value is 430 million dollars.
During the quarter, Hut 8 generated C $ 50.34 million (approximately US $ 40 million) and C $ 23.37 million (approximately US $ 18.57 million) in net profit, compared to C $ 5.75 million. income (approximately USD 4.57 million)) and a loss of C $ 0.90 million (or USD 750,000) in the previous quarter. The company owns a large fleet of specialized integrated circuits, or ASICs, and equipment used to extract Bitcoin. In addition, it uses NVIDIA GPUs to extract Ethereum (ETH).
The total hash rate of the company (extraction of Bitcoin and Ethereum together) or the number of guesses required per second to get a mathematical solution to extract a new block in the Proof of Work blockchain is 1.7 exs per second (1.7 * 10 ^ 18 hashes)). / sec, EH / s). In this context, the total hash rate for the entire Bitcoin network is 162 EH / s, according to data provided by Blockchain.com. For Ethereum, this number is 817.06 terahashes per second (817.06 * 10 ^ 12 hashes per second, TH / s), according to data provided by 2Miners.com. The contractual capacity of the Ethereum mining company is 1.6 TH / s.
Hut 8 uses a keep dear life, or HODL, strategy when it comes to bitcoin extraction; That is, in most cases he does not seek to sell it. The company also lends BTC to crops and claims to extract around 20 BTC per day.
Cryptocurrency Mining Website Hut 8. | Source: Hut 8 Q3 2021 P&L presentation.
The company operates in the Canadian province of Alberta with expansion plans in Ontario. It uses a combination of natural gas, wind and green energy for mining.