Huobi Pool, Huobi Group’s mining pool business, recently released its third-quarter earnings report showing an operating profit of USD 825,744. The Q3 results follow a Q2 operating profit of USD 213,243.
With operating profits jumping 287% quarter-on-quarter, Huobi Pool continues to show strong growth since its launch earlier in 2018.
“Our performance in Q3 continued to show the strength of our business model,” said Huobi Vice President Livio Weng. “Compared to the current downturn in the blockchain industry as a whole, we are quite pleased with Huobi Pool’s performance.”
Computing power for the Proof-of-Work (PoW) side of the business increased from 200P to 1500P and constituted a large part of the overall growth. The Delegated Proof-Of-Stake (DPoS) side of the business also expanded. While Huobi Pool’s customer base remained dominated by large miners, the number of small and medium-sized miners increased. Over the course of the past quarter, the company’s cash flow increased and its debt levels shrank, Weng said.
In August, Huobi released the Huobi Pool Token (HPT), airdropping 2 billion tokens to users.