Even while cryptocurrency market is battling with a lull, Bitcoin mining has been gaining more and more attention. According to reports, Hut 8, Canada’s largest Bitcoin mining company marks an increase in their revenue during Q3 2018.
The report published on November 08, 2018 elaborates the financial standing of the firm, for the third quarter the mining giant recorded a high of $13.5 million. Hut 8 was launched in Jan 2018 and soon became the largest Bitcoin mining company of Canada marking 27.7 million for the first nine months.
Notably, the cost of mining a single Bitcoin is considerably lower that Bitcoin’s current price point. The cost of mining comes into view of $3394 in Q3 in against the present value of Bitcoin of $6400. The report suggests that around $6.6 million was earned as a mining profit for Q3. These stats make Hut 8 as one of the lowest cost BTC mining firm in the world.
Mining cost of cryptocurrency is often compared to the cost of sourcing oil and gas, and the cost of Gold mining and the subsequent returns they provide. Notably, experts believe that Canada and Africa with their respected resources have the potential to increase the volume of Bitcoin mining profit than its total cost.