Unprofitable Mining: the Company Hut 8 Reported Losses in 2018

According to the annual income report published on May 6, the Canadian mining company Hut 8 closed 2018 with a loss of $136 million. The company’s profit before operating expenses (EBITDA) was $19.3 million.

The financial indicators for 2017 were much more positive, then the company reported about $94.5 million in profits.

Hut 8 currently has 85 mining centers, and the results of 2018 reflect the fate of many mining companies during the domination of the bear market.

Previously, Hut 8 was forced to reduce its staff to maintain working.

“Due to the ‘crypto winter’, which was marked by a declining price for bitcoin and most cryptocurrencies, 2018 was a challenging year for all cryptocurrency miners. While many miners did not survive, Hut 8 managed its cash and digital assets conservatively to successfully make it through”, reported in the message, – “Today, Hut 8 is stable and poised to benefit from a recovery in the price of bitcoin. The Company will continue to manage operations prudently and with focus.”

The company will continue to focus exclusively on Bitcoin mining, and in the near future, its administration expects continued growth in prices for the first cryptocurrency.

We remind you:

Bitmain Corporation Closes its Office in Norway

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

Leave a Reply

Your email address will not be published. Required fields are marked *