When it comes to earning through cryptocurrency, Bitcoin mining is the center of attention these days. Reports revealed that Canada’s largest Bitcoin mining company, Hut 8 has mark high revenue during Q3 2018.
A report published on November 08, 2018 shows the financial state of Hut 8. It has reached a record high of $13.5 million for the third quarter. Hut 8 is the largest Bitcoin mining company of Canada which has marked 27.7 million for the nine months starting from Jan 2018.
Cost and Revenue Estimation
However, the cost of mining a single Bitcoin seems lower than the current Bitcoin price. Significantly, the cost of Bitcoin mining come into view of $3394 in Q3 in against the present value of Bitcoin of $6400. Reports claim that the mining profit for Q3 estimated around $6.6 million which points Hut 8 as one of the lowest cost BTC mining firm in the world. On top of all, the profit margin it sets was 51 percent, while mining around 1000 BTC since its launch in December 2017.
Over and over again, the cost of bitcoin mining is seen in comparison to the cost of oil & gas and the cost of Gold mining. And meantime, people find Canada and Africa has more potential to increase the volume of Bitcoin mining profit than its total cost. Noticeably, EBITDA (earnings before interest, taxes, depreciation, and amortization) looks lower and then the price of Bitcoin began appreciating through the same quarter. It has completed the installation and operation of 56 BlockBoxes in the City of Medicine Hat facility (CMH) by partnering with Bitfury, BTC mining equipment manufacturer. It has in total mined 1978 bitcoin during Q3, 2018 and closes US $16 million loan facility with Galaxy Digital.