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Hut 8 Groups Mined 800 Bitcoins In Three Months

Hut 8 Mining Group, upheld by Bitfury, mined 828 BTC in Q1 of 2018. The Bitcoins are roughly around 6.3 million USD currently even with a low week, that saw Bitcoin lose $1000 from its trading cost in the course of recent days. This has brought about a $3.1 million loss of profits for Hut Mining 8 Group.

It costs the company around 2029 USD to mine each Bitcoin while the others were left for profits. Hut 8 Mining Group allegedly produced 8.5 million USD in income and is inclined towards opening another mining office in Canada. The organization started mining in December 2017 at the record-breaking high value of Bitcoin. In spite of the ensuing loss of market cap, CEO Andrew Kiguel has said that he’s satisfied with how things have been going up until now. They raised 54 million USD recently to continue investing in the mining equipment that they will need to expand their operations.

Since December, a total of 1300 Bitcoins have been mined by the company. They are now looking to build a data center which will help them to increase the capacity of mining by more than three times. This center is due to open in September 2018 in the City of Medicine Hat.

Andrew Kiguel, the CEO of the company said:

“The City of Medicine Hat site will consist of an additional 40 BlockBoxes. Once operational, Hut 8 will own 57 BlockBoxes, representing a 335 percent increase from current mining capacity, securing our position as one of the largest publicly traded Bitcoin miners in the world, with a total of 66.7 MW of power capacity and 448 PH/s. With this increase in BlockBoxes from 17 to 57, we expect that our daily mining production will increase significantly. We believe our City of Medicine Hat Facility will represent operational excellence and set a new global benchmark for industrial scale cryptocurrency mining operations.”

Hut 8 Mining Corp had announced their plans to make “North America’s biggest bitcoin mining datacenters” by the end of last year, and main mining and blockchain master firm Bitfury ended up sponsoring the project and offering them the data centers known as BlockBoxes exclusively.

Bitfury has data centres operation in Iceland, Norway, The Republic of Georgia and Canada. It was recently listed in the Forbes Fintech 50.

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Madhuri Arora
A passionate writer and an avid reader. I love watching action and superhero movies. Love food, music, travel and games.