Mining Company Hut 8 Mining Corp. published a financial report for the last year, in which it disclosed data on the growth of the cost of Bitcoin production in each quarter.
In 2018, the company produced 5592 BTC, however, during this period, the cost of activity increased significantly. In the first quarter, the mining of one Bitcoin cost $ 2055, and in the fourth quarter $ 3995, which had a very negative impact on the margin.
Hut 8 Management’s Bitcoin Outlook
At the same time, operating losses in the last quarter of 2018 were $ 116.56 million. This was probably due to a sharp fall in Bitcoin exchange rate in November.
Bitcoin Farm of Hut 8 is located in the Canadian Medicine Hut. There are also mining data centers built in conjunction with the Bitfury Group.
We note that recently the hash rate of the first cryptocurrency updated the six-month maximum. Such dynamics are most likely related to the re-integration of the old Antminer S9 models into the network, which again began to bring profit to the owners.
It is expected that in the summer in some provinces of China, tariffs for hydropower will decrease, allowing even more miners to do business.