Hut 8 Mining Revenue Drops 43% in Q3 Despite Hash Power Increase

Toronto-based Hut 8 reportedhttps://hut8mining.com/wp-content/uploads/2020/11/Hut-8-FS-Q3-2020-v3.pdf C$5.3 million (US$4 million) in Q3 mining revenue Thursday, down 43% from the previous quarter, but the bitcoin mining firm reaffirmed its plans to expand its hash power as the price of the cryptocurrency continues to rise.

Hut 8’s Q3 revenue represents an 80% decrease from the same period last year.
The bitcoin mining company moved closer to profitability, however, reporting a Q3 loss of C$900,338, or C$0.01 a share, narrower than the year-ago loss of C$5.19 million, or C$0.07 a share.
Despite the revenue decrease, Hut 8 continues to expand its mining operations as the price of bitcoin continues to soar. The firm deployed 2,000 ASIC miners halfway through the quarter, resulting in a reported hash power increase of 154 PH/s.
The price of bitcoin appreciated 18% during Q3, up a total of 130% in 2020.

CoinDesk - Unknown — Hut 8 quarterly mining revenue since Q1 2018

Hut 8 currently controls over 1,100 peta hash per second (PH/s) of hash power, according to CoinDesk estimates based on previously reported hash power.
Shares of Hut 8 dipped over 6% following the earnings release, trading hands at $1.18 at last check, down from their daily open of $1.25.

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