Hut 8 Mining, one of the world’s largest public cryptocurrency mining companies by operating capacity, announced today that for the this year’s second quarter it has mined 2,816 bitcoin (BTC) and has retained bitcoin of 3,250, both the highest quarterly amount in Hut 8’s history.
For the second quarter of 2019, Hut 8 mined 2,816 bitcoin compared to 2,405 bitcoin in the first quarter of 2019, and 786 bitcoin in the second quarter of 2018. In addition, Hut 8’s retained bitcoin increased by 635 bitcoin in the second quarter from March 31, 2019, to the June 30, 2019 balance of 3,250.
“Hut 8’s strategy to only mine and retain bitcoin, after paying its expenses, has resulted in substantial value creation for investors in the second quarter of 2019. In Q2-2019, we experienced lower electricity prices than the prior quarter and a much-improved bitcoin price.”
– Andrew Kiguel, Chief Executive Officer of Hut 8
The price of bitcoin as at March 31, 2019, was USD $4,105, compared with USD $10,817 as of June 30, 2019, an increase of 158% over the course of the quarter.