Hut 8’s mining reserves exceed 5,000 BTC

For the third quarter, the Canadian mining company Hut 8 accumulated 5,053 BTC (~$325 million). Previously the firm planned to reach above 5,000 BTC only by the end of 2021.

“We are pleased to report third consecutive record quarterly results and to surpass our goal—5,000 bitcoins in reserves,” said Chief Financial Officer Shane Downey.

During the period, Hut 8 mined 905 BTC, which it left on its balance sheet.

Net income for the quarter was about $40 million. About $2 million of this came from hosting services.

As of November 10, the company’s hash rate reached about 1.7 EH/s, including the NVIDIA GPU park. The total hash rate of devices deployed at the company’s facilities was 4.5 EH/s.

Hut 8 received the entire batch of 10,000 specialized GPUs from the manufacturer, ordered in March. 91% of the devices are already deployed for Ethereum mining through the Luxor pool. In accordance with its own strategy, the company earns rewards in Bitcoin.

“Based on the current economics of mining, this amounts to approximately 1.8-2 BTC per day at an average cost to mine each Bitcoin of under $3,000, which makes this NVIDIA GPU mining park the most profitable part of Hut 8’s self-mining operations,” the press release states.

Earlier in July, the company purchased 11,090 Whatsminer miners for more than $44 million. Hut 8 predicted an increase in hashrate to 2.5–3 EH/s by year-end.

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