Hut 8 reports all amounts in Canadian Dollars unless otherwise stated. While the global capital markets gradually recovered from its historic drop on March 12,the cryptocurrency industry prepared for the bitcoin halving that occurred on May 11, The bitcoin bitcoin world earnings reduced the bitcoin reward per block from Hut 8, however, has been anticipating the potential effect of the halving and has worked to keep a very lean and flexible operation to reduce costs when necessary.
With Hut 8 taking over the full management of the Medicine Hat site operations, the operating costs are expected to continue to be reduced. Management negotiated a further reduction in the interest rate of its debt from 9.
Near the end of the quarter, Hut 8 closed the first prospectus offering by a cryptocurrency mining company in Canada. The full amount of the net proceeds was committed for a purchase to upgrade the existing mining equipment with the latest technology available in the market.
Hut 8 is a bitcoin mining company with industrial scale operations in Canada. Hut 8 creates value for investors through low production costs and appreciation of its bitcoin inventory. The company provides investors with direct exposure to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency.
Investors avoid the need to create online wallets, wire money offshore, and safely store their bitcoin. Keep up-to-date on Hut 8 events and developments and join our online communities at FacebookTwitterInstagram and LinkedIn.