Canadian crypto miner Hut 8 profits up 250% in its best quarter ever
Hut8 rode the market to a huge year over year increase.
Hut8 rode the market to a huge year over year increase.
Hut 8 has been forced to rethink its priorities as a result of the losses, with swinging cutbacks needed to manage cash flow throughout the reporting period.
The bounce in the market didn’t help, and electricity prices kept going up, so Hut 8 had to make deep cuts to its staffing levels, or as they like to call it, streamlining.
: Hut 8 Mining Corp. reported a cryptocurrency mining profit of $6.7 million, and revenue of $13.4 million in the third quarter.
Hut 8, a cryptocurrency mining company, just cut the ribbon on its second facility in Canada, making the company now the second largest mining outfit in the world by capacity.