In the first quarter of 2018 alone, Hut 8 Mining Group, partnered by one of the largest Bitcoin miners in the world outside of China, Bitfury, has already mined more than 800 bitcoins.
The company has gathered $70 million CAD for its mining hardware investments, realized a profit of almost $11 million CAD, and will soon be opening another mining facility in Canada.
CEO Andrew Kiguel announced he was “pleased” with the results considering the company started only in December 2017.
Bitcoins mined from January to March 2018 reached 828, added to the approximately 500 bitcoin mined since December 2017 making the total reserve upwards of 1,300 bitcoins. Kiguel said that Hut 8 started building a brand new “data center” in Alberta. This will, at least, triple the firm’s mining capacity.
Production launch is scheduled in September. The chief executive added:
“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.”
Hut 8’s existing costs to mine a bitcoin is estimated more than $2,500.