Bitcoin Miner Hut 8 Reveals $136 Million Losses for 2018, Eyes Market Uptrend

Canadian bitcoin (BTC) mining company Hut 8 made almost $50 million in revenue last year but triggered total losses of almost $140 million, according to an annual earnings report released on May 6.

Hut 8, which counts itself as one of the world’s largest publicly-traded cryptocurrency mining companies, saw 2018 revenue hit $49.4 million.

The company’s EBITDA (earnings before interest, taxes, depreciation and amortization) for the year was $19.3 million. Losses amounted to $136.7 million.

Hut 8 currently operates 85 mining centers worldwide, with 2018’s mixed performance reflecting the fate of many mining businesses during the cryptocurrency bear market.

As Cointelegraph reported, like stalwarts such as Bitmain, Hut 8 was forced to cut costs in the first quarter of