Hut 8 Mining Corp, a publically listed crypto mining company, published its annual financials on Friday, showing total revenue of CAD 82 million ($58 million) - 66 percent jump from the previous year’s number.
Per the press release, the jump in the figures is primarily due to two major operational expansions - one is the launch of the company’s flagship facility in Medicine Hat, which became operational in mid-2018, and the second is the addition of 12 BlockBoxes which became operational in early 2019.
This, however, increased the operational cost of the company significantly, resulting in a mining profit margin of 45 percent, compared to the 50 percent profit margin a year before.
The Canadian company also reported CAD 33.5 million (almost $23.7 million) in adjusted EBITDA - an increase of 73 percent from the previous year’s CAD 19.3 million (around $13.65).
The results also revealed a total gain of CAD 4.3 million ($3.04 million) for last year, while for the previous year, the company reported a loss of CAD 17.9 million (around $12.66 million).
Impressive figures for the year
“2019 was a milestone year for Hut 8 as we achieved bottom line profitability which allowed for growth in operating capacity and paying down debt,” Jimmy Vaiopoulos, chief financial officer at Hut 8, said. “We are proud to have had a successful first full year as a public company while also graduating to the TSX via the TSX Sandbox
Sandbox
A sandbox is a commonly deployed term in the fintech universe, referring to a mechanism for developing regulation that keeps up with the fast pace of innovation.In scope of the computer science world, a sandbox is also associated with a closed testing environment that designed for experimenting safely with web or software projects.Sandboxes are very important to the regulatory field, though is also utilized within the digital economy space.The first regulatory sandbox was launched in the United Kingdom in 2015 and generated great interest from regulators and innovators around the world. For example, these constructs are useful testing grounds for new business models that are not protected by current regulation, or supervised by regulatory institutions.How are Sandboxes Used?In terms of fintech, the collision between new technology expanding boundaries and the regulation needed to police it is an important interaction that has evolved over time.In the fintech space, there is a growing need to develop regulatory frameworks for emerging business models in particular.Overall, the purpose of the sandbox is to adapt compliance with strict financial regulations to the growth and pace of the most innovative companies.Crucially, this needs to happen in a way that doesn’t smother the fintech sector with rules, but also doesn’t diminish consumer protection. A regulatory sandbox should aim to bring down the cost of innovation down, while also reducing the barriers to entry, and allowing regulators to collect important insights before deciding if further regulatory action is necessary.A successful test may result in several outcomes, including full-fledged or tailored authorization of the innovation, changes in regulation, or a cease-and- desist order.
A sandbox is a commonly deployed term in the fintech universe, referring to a mechanism for developing regulation that keeps up with the fast pace of innovation.In scope of the computer science world, a sandbox is also associated with a closed testing environment that designed for experimenting safely with web or software projects.Sandboxes are very important to the regulatory field, though is also utilized within the digital economy space.The first regulatory sandbox was launched in the United Kingdom in 2015 and generated great interest from regulators and innovators around the world. For example, these constructs are useful testing grounds for new business models that are not protected by current regulation, or supervised by regulatory institutions.How are Sandboxes Used?In terms of fintech, the collision between new technology expanding boundaries and the regulation needed to police it is an important interaction that has evolved over time.In the fintech space, there is a growing need to develop regulatory frameworks for emerging business models in particular.Overall, the purpose of the sandbox is to adapt compliance with strict financial regulations to the growth and pace of the most innovative companies.Crucially, this needs to happen in a way that doesn’t smother the fintech sector with rules, but also doesn’t diminish consumer protection. A regulatory sandbox should aim to bring down the cost of innovation down, while also reducing the barriers to entry, and allowing regulators to collect important insights before deciding if further regulatory action is necessary.A successful test may result in several outcomes, including full-fledged or tailored authorization of the innovation, changes in regulation, or a cease-and- desist order.
Read this Term.”
In total, the company now owns and operates two sites in Canada, including 94 BlockBox AC data centers with a current maximum operating capacity of 107 MW and 952 PH/s.
Last November, the company also purchased nine Blockbox AC data centers from the Bitfury Group, costing $7 million. With this, the company is expecting to run its full operations at approximately 963 PH/s and 109.4 MW.
Hut 8 Mining Corp, a publically listed crypto mining company, published its annual financials on Friday, showing total revenue of CAD 82 million ($58 million) - 66 percent jump from the previous year’s number.
Per the press release, the jump in the figures is primarily due to two major operational expansions - one is the launch of the company’s flagship facility in Medicine Hat, which became operational in mid-2018, and the second is the addition of 12 BlockBoxes which became operational in early 2019.
This, however, increased the operational cost of the company significantly, resulting in a mining profit margin of 45 percent, compared to the 50 percent profit margin a year before.
The Canadian company also reported CAD 33.5 million (almost $23.7 million) in adjusted EBITDA - an increase of 73 percent from the previous year’s CAD 19.3 million (around $13.65).
The results also revealed a total gain of CAD 4.3 million ($3.04 million) for last year, while for the previous year, the company reported a loss of CAD 17.9 million (around $12.66 million).
Impressive figures for the year
“2019 was a milestone year for Hut 8 as we achieved bottom line profitability which allowed for growth in operating capacity and paying down debt,” Jimmy Vaiopoulos, chief financial officer at Hut 8, said. “We are proud to have had a successful first full year as a public company while also graduating to the TSX via the TSX Sandbox
Sandbox
A sandbox is a commonly deployed term in the fintech universe, referring to a mechanism for developing regulation that keeps up with the fast pace of innovation.In scope of the computer science world, a sandbox is also associated with a closed testing environment that designed for experimenting safely with web or software projects.Sandboxes are very important to the regulatory field, though is also utilized within the digital economy space.The first regulatory sandbox was launched in the United Kingdom in 2015 and generated great interest from regulators and innovators around the world. For example, these constructs are useful testing grounds for new business models that are not protected by current regulation, or supervised by regulatory institutions.How are Sandboxes Used?In terms of fintech, the collision between new technology expanding boundaries and the regulation needed to police it is an important interaction that has evolved over time.In the fintech space, there is a growing need to develop regulatory frameworks for emerging business models in particular.Overall, the purpose of the sandbox is to adapt compliance with strict financial regulations to the growth and pace of the most innovative companies.Crucially, this needs to happen in a way that doesn’t smother the fintech sector with rules, but also doesn’t diminish consumer protection. A regulatory sandbox should aim to bring down the cost of innovation down, while also reducing the barriers to entry, and allowing regulators to collect important insights before deciding if further regulatory action is necessary.A successful test may result in several outcomes, including full-fledged or tailored authorization of the innovation, changes in regulation, or a cease-and- desist order.
A sandbox is a commonly deployed term in the fintech universe, referring to a mechanism for developing regulation that keeps up with the fast pace of innovation.In scope of the computer science world, a sandbox is also associated with a closed testing environment that designed for experimenting safely with web or software projects.Sandboxes are very important to the regulatory field, though is also utilized within the digital economy space.The first regulatory sandbox was launched in the United Kingdom in 2015 and generated great interest from regulators and innovators around the world. For example, these constructs are useful testing grounds for new business models that are not protected by current regulation, or supervised by regulatory institutions.How are Sandboxes Used?In terms of fintech, the collision between new technology expanding boundaries and the regulation needed to police it is an important interaction that has evolved over time.In the fintech space, there is a growing need to develop regulatory frameworks for emerging business models in particular.Overall, the purpose of the sandbox is to adapt compliance with strict financial regulations to the growth and pace of the most innovative companies.Crucially, this needs to happen in a way that doesn’t smother the fintech sector with rules, but also doesn’t diminish consumer protection. A regulatory sandbox should aim to bring down the cost of innovation down, while also reducing the barriers to entry, and allowing regulators to collect important insights before deciding if further regulatory action is necessary.A successful test may result in several outcomes, including full-fledged or tailored authorization of the innovation, changes in regulation, or a cease-and- desist order.
Read this Term.”
In total, the company now owns and operates two sites in Canada, including 94 BlockBox AC data centers with a current maximum operating capacity of 107 MW and 952 PH/s.
Last November, the company also purchased nine Blockbox AC data centers from the Bitfury Group, costing $7 million. With this, the company is expecting to run its full operations at approximately 963 PH/s and 109.4 MW.
