By MEDICINE HAT NEWS on November 11, 2021.
https://www.medicinehatnews.com@MedicineHatNews
Hut 8 Cryptocurrency is reporting it earned record revenue in the latest financial quarter and further upgrades are well underway at its Medicine Hat data processing centre.
The company that processes Bitcoin transactions to earn a fee paid in the cryptocurrency says it earned C$50.3 million in the three-month period ending Sept. 30.
“We are thrilled to have reported our third consecutive record-breaking quarterly results and to have already surpassed our goal of 5,000 Bitcoin held in reserve,” stated Shane Downey, Hut 8’s chief financial officer.
The company also earned about $2.5 million from providing third-party hosting fees from other companies.
Hut 8 officials say its operating margin sits at about 95%, considering a per unit cost of about $3,000 against its current trading value above $60,000.
The company also holds Bitcoin and this fall revalued its portfolio after a steep increase in trading prices in 2021 to about $264 million, marking a 160% increase since Jan. 1.
Hut also states it has taken final delivery of new computer “NVIDIA” units that will be installed in Medicine Hat data centre this week and will focus on mining alternate cryptocurrency “Etherium.”
During the period the company raised $220 million through its listing on the NASDAQ stock exchange and announced it would create a third data centre in a shuttered natural gas plant at North Bay, Ont., through a partnership with Validus Power.