#hut8

Bitcoin mining firm Hut8 continues to relocate miners from idle North Bay site as demand for AI and high power computing drives new demand.

F2pool to End Ethereum Mining After the Merge Takes Place

Mining pool f2pool has announced that it will end ethereum mining after the Merge happens. Other mining pools are also taking steps in preparation for the change. Mining pool f2pool has offered an update on when ethereum mining will end its ETH pool. It announced on Sept. 7 that the pool will run until ETH mining ends, which is between Sept. 10 and 20. ETH miners on f2pool will receive their ETH…

Канадская крипто-майнинговая компания Hut 8 Mining почти удвоит свой хешрейт к концу года, купив 11 090 новых майнинговых машин за 44 миллиона долларов, говорится в сегодняшнем пресс-релизе компании.

Это модели MicroBT M30S, M30S + и M31S от гонконгской компании SuperAcme Technology. Ожидается, что они будут доставлены в октябре и полностью развернуты к декабрю.

Hut 8 Mining Group, a publicly traded cryptocurrency mining firm, is concerned about coronavirus-related delays of new machine deliveries from potential suppliers such as Bitmain and MicroBT. 

During an earnings call last week, CEO Andrew Kiguel said his firm was grappling with a vague timeline for the delivery of crypto mining machines to support its farms, saying that while in February, “you…

Canadian mining company Hut 8 acquired from software and hardware developer Bitfury Group nine data centers Blockbox AC, the total cost of which amounted to $7 million.

Thus, Hut 8 has completely completed the preparation of its mining center in the canadian Drumheller and now it is ready for operation. CEO of the mining company Andrew Kiguel said:

"With this acquisition, Hut 8 now owns the Drumheller facility entirely. This will help reduce operating costs. Funds for the expansion were allocated from the balance sheet of the company, which remains at a fairly high level, even after spending $7 million on data centers."

According to a report by canadian mining company Hut 8, for the third quarter of 2019, the firm earned $26.7 million net of interest, taxes, depreciation and amortization, the company's profit was $14.7 million.

Hut 8 managed to extract 1,965 BTC, the cost of which, taking into account the payment of electricity, pool commissions and other production costs, amounted to about $8.6 million ($4,363 per BTC).

Ceteris Paribus analysts analyzed the report in detail and noted that the figures do not include a number of important items of expenditure that significantly increase the cost of one BTC. According to them, if you take into account depreciation, lease of the site and other costs, the cost of mining one BTC increases to $7,100, which corresponds to the current rate of the first cryptocurrency.

"If in the near future the price of bitcoin will be below $7,100, they will be able to remain profitable due to the costs of the past period. In the report for 2018, they indicated the funds spent on mining equipment in the amount of $85 million, So this year the depreciation costs are so low. They also did not add infrastructure costs or mining servers, as their operational life is two years, " analysts said.

Canadian Bitcoin Mining Firm Records High Revenue in Q3, 2018

Hut 8, a Canadian Bitcoin mining firm, has revealed its revenue for Q3, 2018 which made a record $13.5 million in the three month trading period.

Hut 8 is the largest Bitcoin mining firm in Canada and has managed high revenues despite the bearish state of the crypto market.

At the moment the cost of mining one Bitcoin ($3445) is lower than the market value of BTC at $6450.