Hut 8 is one of the largest publicly traded crypto mining companies in the world, and thanks to the poignant leadership of Andrew Kiguel it has managed to record a record quarterly revenue of $28.3 million for Q2 2019. By cutting down on mining costs, Hut 8 managed to mine Bitcoin at an average cost of $2,757 compared to $3,950 in Q1 2019. This, combined with holding on to its Bitcoin inventory until the price rose back up to the $10,000 region from $4,000, Hut 8 managed to record a bumper quarter.
Shareholders Cashing in on Record Revenue
Other crypto mining outfits haven’t had the same luck as Hut 8, with Bitmain recording a Q1 loss of $635 million. Fortunately, at Hut 8 the scene is rather different, not having made bad calls during crypto winter. Shareholders managed to scoop up a rather healthy $0.43 per share, making it one of the best performing crypto related equities for Q2.
April Looked Scary at Hut 8
Back in April, Bitcoin was just taking off on its latest bull run, but at the time nobody knew how long this would last. Bitfury currently provides staff to maintain and run the Hut 8 operations on the ground, keeping the block boxes running at optimal levels. However, in April Bitfury cut the headcount at the Hut 8 crypto mining plants, much to the worry of the crypto mining world. Fortunately, it looks as if they were contracted out to finish off the installation of new block box units, with Hut 8 going on to mine Bitcoin at an almost record low price.
Square Recording Top Stats Too
Back in August, we saw the release of Square’s Q2 earnings report. Despite still recording a net operating loss for the quarter, Square recorded $125 million in Bitcoin sales. Unfortunately, only $2 million of that was profit, but nonetheless it still shows that demand for Bitcoin was on the rise during Q2. This huge demand for Bitcoin will have helped Hut 8 sell its inventory at a higher price, leading to both firms performing rather well given the circumstances. If Square can carry on growing its Bitcoin sales at this rate, we could see its Q3 earnings report deliver a profit for the first time ever.
Hut 8 continues to be a leader in the crypto mining world, and with its well-planned out mining farm, we will likely continue to see great results coming from the firm. As long as Bitcoin holds around the $10,000 mark, we can almost guarantee that we will see further positive results from Hut 8, making it one of the hottest crypto equities available.