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Canadian bitcoin mining firm Hut 8 (HUT) has hired Shenif Visram as its new chief financial officer (CFO), replacing Shane Downey who leaves the company following a 20-month tenure. Source
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However, the firm's mining profit was more than halved to C$14.9 million compared to Q1, due to higher power costs and the decline in the price of bitcoin, the company said. The miner's cost of mining each bitcoin grew by 44% to C$25,900, around what it was in the second
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Canadian Bitcoin (BTC) miner Hut 8 Mining Corp. added to its massive BTC reserves in July, as the firm maintained its long-term “HODL strategy” in the face of market volatility.The Alberta-based company generated 330 Bitcoin in July at an average production rate of 10.61 BTC per day, bringing its total
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HUT continues to hold onto its bitcoin while others sell off. Source
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The miner also concluded its crypto lending program, bringing all of its bitcoin back into custody. Original Source
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“With the plummeting bitcoin price, the profitability of these companies will continue to be under pressure,” said Jaran Mellerud, an analyst at Arcane Research. However, he added, the larger miners – with lower operating costs than the industry average – should be able to see themselves through the valley of
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The digital asset miner will buy out all hosted rigs at its Medicine Hat mining facility in Alberta. Original Source
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“The blatantly obvious challenges facing bitcoin miners are the recent selloff in BTC price and supply chain disruptions and, as expected, the stock price followed bitcoin’s trajectory,” wrote Sutton in a research note on Friday. However, he added, “What isn’t blatantly obvious is the impact HUT’s acquisition of TeraGo’s Data
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The miner's Q4 revenue was in line with expectations, while EBITDA missed estimates. Original Source
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“As ambitious leaders at the intersection of gaming and digital asset mining, Enthusiast Gaming and Hut 8 will collaborate on new experiences and content within mobile and blockchain gaming, Web 3, [non-fungible tokens], and cryptocurrency,” according to a statement. Hut 8 will also provide “critical infrastructure support” by hosting Enthusiast
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