At the end of the third quarter, Canadian crypto mining company Hut 8 accumulated a total of 5,053 BTC (valued at $325 million). It must be noted this is a huge milestone considering Hut 8 planned to reach the 5,000 BTC barrier by the end of the year. The company CFO Shane Downey said:
"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."
During the quarter, Hut 8 mined a total of 905 BTC, which it held in reserves.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
The net income for the third quarter amounted to approximately $40 million. Hosting services have generated about $2 million of that amount.
On November 10, the company's hashrate reached approximately 1.7 EH/s, including the power of the NVIDIA chips. The aggregate hashrate of the devices located at Hut 8's facilities is 4.5 EH/s.
Hut 8 has received the full batch of 10,000 GPUs from the hardware maker the company ordered back in March. 91% of the devices are already mining Ethereum through the Luxor pool. In accordance with its own strategy, the company receives payouts in Bitcoin. Hut 8's press release states:
"Based on current mining economics this equates to approximately 1.8 – 2.0 Bitcoin per day, with an average cost to mine each Bitcoin of less than $3,000, making this NVIDIA GPU fleet the most profitable portion of Hut 8's self-mining operation."