Bitcoin Miner Hut 8 Reveals $136 Million Losses for 2018, Eyes Market Uptrend
The Canadian mining giant suffered during last year’s “crypto winter” but remains upbeat about the future.
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.
“Due to the ‘crypto winter’, which was marked by a declining price for bitcoin and most cryptocurrencies, 2018 was a challenging year for all cryptocurrency miners. While many miners did not survive, Hut 8 managed its cash and digital assets conservatively to successfully make it through,” the earnings report summarized. It continued:
“Today, Hut 8 is stable and poised to benefit from a recovery in the price of bitcoin. The Company will continue to manage operations prudently and with focus.”
That focus will continue to revolve exclusively around bitcoin mining over other cryptocurrencies, with executives eyeing a continued uptrend in bitcoin prices in the near term.
“Throughout 2018, Hut 8’s average cost per bitcoin was consistently below the market price of bitcoin,” COO Andrew Kiguel commented. He added:
“As we move into 2019, we are poised to improve margins should the price of bitcoin continues to rise, given our cost cutting initiatives undertaken in late 2018.”