The blockchain-based Bitfury Mining Group reported a total of 828 Bitcoins mined from the beginning of 2018 to the present.
The announcement was made on 24th May. Summing up the company’s financial balance, it has managed to add $ 70 million to its budget in the first quarter of 2018, of which $ 11 million is profit. The company has mentioned that part of the resulting funds will be allocated to reinvestments in mining equipment. The company also announced that it will expand with a new mining center in Canada.
Hut 8, the global mining leadership has operated on the market since December 2017. Since then, the company has managed to mine 500 cryptocurrencies for 2017 plus 828 Bitcoins in 2018, which means the company owns a total of 1,328 Bitcoins.
Chief Executive Andrew Kiguel has revealed that the company has begun the expansion process, building a new mining center in the City of Medicine Hat, which will help increase the company’s financial fund.
“The City of Medicine Hat site will consist of an additional 40 BlockBoxes. Once operational, Hut 8 will own 57 BlockBoxes, representing a 335 percent increase from current mining capacity, securing our position as one of the largest publicly traded Bitcoin miners in the world, with a total of 66.7 MW of power capacity and 448 PH/s. With this increase in BlockBoxes from 17 to 57, we expect that our daily mining production will increase significantly. We believe our City of Medicine Hat Facility will represent operational excellence and set a new global benchmark for industrial scale cryptocurrency mining operations,” explained Kiguel.
To mine a Bitcoin, Hut 8 spends $ 2,615 CAD, according to the statement. Bearing in mind the continuing fluctuation of Bitcoin’s value, the company recorded losses of about 4 million dollars. However, the company announced a gross profit of $ 9 million.