Hut 8, the company managed to make a profit in 2018, despite a bear market


Leading cryptobinary Hut 8, the company recently provided its financial statements for 2018. Its CEO, Andrew Kegel, gave an interview with Bitcoin Magazine, explaining how the project managed to remain profitable.

Launched in December 2017, Hut 8 has quickly become one of the leading mining farms mining of Bitcoin, and currently produced over 8800 BTC. The company has two mining centre in Alberta, Canada. One is in Medicine Hat and the other to Drumheller.

According to the report, Hut 8 received a profit of $18.2 million, with a total income of $36.6 million and operating expenses of $8.2 million, the Company reported gross profit from mining at the rate of 50% per year.

The company sees promising business

As noted by Andrew Kegel:

“Last year was unprofitable for many miners. It was a tough year for us, especially towards the end of the year. Our goal is to remain stable to work effectively and to be able to withstand any short-term fluctuations in price and be ready to move on to the next positive cycle in pricing Bitcoin. I hope we see it now.”

Also Kigel added that in the future the company will create new objects in other regions of North America:

“We will seek to expand in regions that offer competitive energy prices and clean energy. Our goal is to remain economically profitable and work effectively to counter the short-term falling of the prices and to be able to maximize profits during the next positive trend of pricing of Bitcoins”.

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