When it announced its results for the third quarter, Canadian crypto miner Hut8 announced that it had exceeded its target set earlier this year of exploiting 5,000 Bitcoin (BTC) in reserve. His Bitcoin balance is currently 5,053 with a total market value of $ 430 million.
For the quarter, Hut 8 posted revenues of $ 50.34 million (CA $) and net income of $ 23.37 million, compared to $ 5.75 million in revenue and a loss of $ 0.90 million in the previous quarter . The company has a large team of application specific integrated circuits, or ASICs, machines that are used to mine bitcoins. In addition, it implements NVIDIA GPUs for mining Ethereum (ETH).
The company’s total hash rate (Bitcoin and Ethereum mining combined) or estimates per second required to get a math solution to mine a new block on the proof-of-work blockchain is up to 1 , 7 exahashes per second (1.7 * 10 ^.). 18 hashes / s, EH / s). In context, the total hash rate of the entire Bitcoin network is 162 EH / s, according to data from Blockchain.com. For Ethereum, this number is 817.06 terhashes per second (817.06 * 10 ^ 12 hash / s, TH / s), according to 2Miners.com. The company’s contractual mining capacity for Ethereum is 1.6 TH / s.
Hut 8 has a life-saving strategy, or HODL, in Bitcoin mining; that is, in most cases it does not try to sell them. The company also lends its BTC for profit and claims to mine nearly 20 BTC a day.
Location of Hut 8 Cryptocurrency Mining Operations. | Source: Presentation of the earnings call for the third quarter of 2021 by Hut 8
The company operates in the Canadian province of Alberta and plans to expand into Ontario. It uses a mixture of natural gas, wind and green energy for its mining operations.